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Is there a debit card that has low fees but is meant to be used as a slush fund? e.g. top it up to $100 when it falls below $20. I don't need credit protections
by anotherhue 2y ago
Is there a debit card that has low fees but is meant to be used as a slush fund? e.g. top it up to $100 when it falls below $20. I don't need credit protections for my coffee purchase.
- DANmode 2y agoEdit actually answering your question: Go2Bank.com Most Americans just call this a checking account. > According to the Fed’s 2022 Economic Well-Being of U.S. Households survey released Monday, some 37% of Americans lack enough money to cover a $400 emergency expense, up from 32% in 2021. That means nearly one in four consumers would have to use credit, turn to family, sell assets, or get a loan in order to cover any major unexpected cost.
- keiferski 2y agoMost checking accounts have a feature that lets you transfer X amount from Y external account when Z happens.
- DANmode 2y agoMost? I must be the most unlucky person in banking history; I've yet to see this across 6 banks. What banks are doing conditional anything, on any inputs besides time-frequenced wires?
- keiferski 2y agoI've seen this as a basic feature on at least two banking sites: "when the balance gets below $X, move $Y amount to that account." If you have more than one account with that bank then you can also choose the source of that money. Often it's a part of the overdraft settings.
- lxgr 2y agoI’ve only ever seen “when a payment can’t be covered on account x, take the exact sum out of account y”, which together with a maximum number of savings withdrawals per month doesn’t really work like the feature GP wants.
- keiferski 2y agoAt least two banks I've used have "low cash mode", where they notify you and make a transfer if your balance goes below a certain amount.
- akira2501 2y agoMy credit union lets me open up sub accounts. I can set rules for the sub accounts. I can get a card that only draws from a sub account. This is all free.
- DANmode 2y agoI'd kill for my CU to be a part of that network.
- lxgr 2y agoThat distinction (i.e. debit having less fraud and bad merchant behavior protections) is largely a myth: You get chargebacks and zero liability on effectively all debit cards these days. Both credit and debit policies by almost all banks exceed the legal requirements a lot (e.g. no issuer that I know actually charges the deductible allowed by law).