Most of us don’t think too much about the ins and outs of banking until we suffer the penalties of overdrawing our accounts or getting charged a fee for some other regrettable transaction. To save time, money, and avoid hassles, use our Free online Bank Support with the guidance of our expert banker, Alex. He will help you maneuver through the banking system and limit your risks of making costly mistakes.
Here are pertinent questions asked by people like you.
Question: I was trying to buy gas at the gas station using my debit card, but the transaction was declined even though I had money in my account. What happened? – Tracy from Spokane, Washington.
Answer: When you swipe your debit card at the gas pump, there is a temporary hold placed on your account. This happens because the gas station does not know how much gas you are going to pump and wants to make sure you can pay for the tank of gas. The hold varies depending on the store but normally runs between $50 to $125. When a hold is placed on your debit card, the available balance is reduced. Ultimately, the transaction will be declined if the balance in your checking account is less than the amount of the hold. The best way to avoid this from happening is to go inside the gas station and tell the clerk you want to authorize a limited amount on your debit card. For example, say “$25 on pump three.”
Question: Do they still sell traveler’s checks? – Mildred from Chicago, Illinois.
Answer: Most commonly used by people who travel, traveler’s checks are sold at a prepaid fix amount, usually in denominations from $20 to $100. When the purchaser is on vacation, they can use traveler’s checks to purchase goods and services or exchange it for cash. The main benefit of buying traveler’s checks is they can be replaced, often within 24 hours, if they get lost or stolen. With the popularization of more convenient options like debit, credit and travel cards, many places do not accept traveler’s checks. Likewise, large banks like Chase, Bank of America, and Wells Fargo no longer offer them. They can still be bought from American Express and Visa with a charging fee of 1% to 3%.
Question: My bank charged me a fee for withdrawing money out of my savings account too many times. Why is that? – Gayle from Carson City, Nevada.
Answer: Regulation D is a Federal Reserve regulation that sets a monthly limit of six withdrawals or transfer out of a savings or money market accounts. Transactions that don’t count against the limit are those done in person, through the mail, or at an ATM. If a savings or money market account exceeds the limit three times in a twelve-month period, the financial institution is forced to either close the saving or money market account or convert it into a checking account. In order to discourage customer from exceeding the limit, many financial institutions have chosen to charge an excess activity fee usually between $10 to $15 per transaction over the limit.
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 15th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
