Astonishingly Bad Bank Experience

[Dave Schwartz]

We have banked with Wells Fargo for about 6 years.

Today we went out to purchase a Sleep Number Bed. Rang it up - like $1,500 - and the bank DEBIT card was rejected. The bank says, "Sorry but your daily withdrawal limit is $1,000!"

I said, "WHAT? This is MY money! Is there not enough money to cover this purchase in the account?"

"Yes, there is but we're sorry. We just cannot approve this transaction."

[Track Collector]

Unless this is something that just about all the banks do, I would say, "Sorry, but I'm changing banks".

[Clocker]

Originally Posted by Track Collector

Unless this is something that just about all the banks do, I would say, "Sorry, but I'm changing banks".

The problem is finding out what other banks do. And the people that sign you up for accounts often aren't aware of these little "quirks" in the rules. At the risk of being overly cynical, I suspect that isn't part of their training.

When I started my own company, I got an AmEx Corporate account. After many months of paying it off every month, I had a charge turned down. I called AmEx and they said I was over my limit for the month. I said that I was told that there was no limit. The response was, yes, there is no fixed limit on your account, but if we think that you charged too much in a month, we cut it off.

So it is a double secret probation limit.

As to the OP, a debit card can also be run as a charge card. I suspect that it might have cleared if entered as a charge card.

Depending, of course, on what your secret charge limit is.

[ReplayRandall]

Originally Posted by Dave Schwartz

We have banked with Wells Fargo for about 6 years.

Today we went out to purchase a Sleep Number Bed. Rang it up - like $1,500 - and the bank DEBIT card was rejected. The bank says, "Sorry but your daily withdrawal limit is $1,000!"

I said, "WHAT? This is MY money! Is there not enough money to cover this purchase in the account?"

"Yes, there is but we're sorry. We just cannot approve this transaction."

Unless you have a debit card with attached credit card services, then your refusal was due to an automated protection limit. The debit limitations are strictly enforced on weekends to protect the bank from fraudulent transactions, thus limiting their risk for reimbursement to the customer. "Bankers hours" are still 9-5 Mon-Fri, even in this 24/7 cyber-world we live in........BTW, this is why "Cyber Monday" sales aren't on Saturday.....

[Thebart]

It's not a withdrawal limit per-se, it's a daily charge limit that is intended to protect you. If you can't access your account online, you can certainly call customer service or go to a branch and get it raised.

Honestly, on a purchase that large, I'm surprised the merchant wouldn't take a check.

[boxcar]

Originally Posted by Thebart

It's not a withdrawal limit per-se, it's a daily charge limit that is intended to protect you. If you can't access your account online, you can certainly call customer service or go to a branch and get it raised.

Honestly, on a purchase that large, I'm surprised the merchant wouldn't take a check.

Maybe the merchant was a "greenie" trying to save the trees.

[horses4courses]

I have always found Amex to be useful for big ticket items - especially travel.
You pay off the balance in full every month, and their rewards aren't bad.

The downside is a $175 annual fee, but I'm sure if you spend more than I do
(which wouldn't be hard), that fee can be waived.

Nearly 3 years ago now, I was in Ireland for my mother's funeral.
The rental car I had from Avis picked up a small scrape on the front bumper,
which I wasn't aware of until our departure. I had decent insurance coverage
on the mid-size vehicle, but incidental damage such as this wasn't covered
due to the deductible. Avis charged me $1K for the scuff - outrageous.
Complained to Amex - they fought it. No charge.

Their customer service is very good.

[thaskalos]

I have sworn off credit and debit cards for over 3 years now...and I pay cash for everything. I only use credit cards for hotel reservations and car rentals. I recently remodeled my basement, equipping it with a home theater system, along with wrap-around-the-room leather reclining couches. I paid cash, and felt great about it...even though it took the cashier 15 minutes to count the money and complete the transaction, with the work staff standing there and staring at me as if I were Tony Montana.

[ReplayRandall]

Originally Posted by thaskalos

I have sworn off credit and debit cards for over 3 years now...and I pay cash for everything. I only use credit cards for hotel reservations and car rentals. I recently remodeled my basement, equipping it with a home theater system, along with wrap-around-the-room leather reclining couches. I paid cash, and felt great about it...even though it took the cashier 15 minutes to count the money and complete the transaction, with the work staff standing there and staring at me as if I were Tony Montana.

Sounds like a real nice set-up in your basement, got any pics?...

[JustRalph]

Originally Posted by horses4courses

I have always found Amex to be useful for big ticket items - especially travel.
You pay off the balance in full every month, and their rewards aren't bad.

The downside is a $175 annual fee, but I'm sure if you spend more than I do
(which wouldn't be hard), that fee can be waived.

Nearly 3 years ago now, I was in Ireland for my mother's funeral.
The rental car I had from Avis picked up a small scrape on the front bumper,
which I wasn't aware of until our departure. I had decent insurance coverage
on the mid-size vehicle, but incidental damage such as this wasn't covered
due to the deductible. Avis charged me $1K for the scuff - outrageous.
Complained to Amex - they fought it. No charge.

Their customer service is very good.

Exactly what I do. Good security algorithm on the cards too.

If you dispute a charge, they pull it and make the vendor prove the charge is legit, or make their customer happy.

Debit cards have been limited for years. I found out when I used to own an airplane. Buying fuel would sometimes exceed the daily limit.

Dave, hope you got the bed. Love mine. You won't really get it until about 3 weeks into using it.

[Hank]

Originally Posted by Dave Schwartz

We have banked with Wells Fargo for about 6 years.

Today we went out to purchase a Sleep Number Bed. Rang it up - like $1,500 - and the bank DEBIT card was rejected. The bank says, "Sorry but your daily withdrawal limit is $1,000!"

I said, "WHAT? This is MY money! Is there not enough money to cover this purchase in the account?"

"Yes, there is but we're sorry. We just cannot approve this transaction."

Same thing happened to me a couple of weeks ago trying to pay for my wife's Christmas gift.Called the number on the card and they allowed the purchase immediately.

[Dave Schwartz]

As to the OP, a debit card can also be run as a charge card. I suspect that it might have cleared if entered as a charge card.

Tried it both ways.

Same thing happened to me a couple of weeks ago trying to pay for my wife's Christmas gift.Called the number on the card and they allowed the purchase immediately.

Did that, too. That was when I had the conversation with the bank rep. The issue was not money in the account. The guy said "this is for your protection." I said, "How do we fix this?" He said, "Come into the nearest bank and withdraw cash."

We took the easy way: Debit card at a different bank.

Honestly, on a purchase that large, I'm surprised the merchant wouldn't take a check.

We just never carry checks any more. Seriously.

[Stillriledup]

Originally Posted by thaskalos

I have sworn off credit and debit cards for over 3 years now...and I pay cash for everything. I only use credit cards for hotel reservations and car rentals. I recently remodeled my basement, equipping it with a home theater system, along with wrap-around-the-room leather reclining couches. I paid cash, and felt great about it...even though it took the cashier 15 minutes to count the money and complete the transaction, with the work staff standing there and staring at me as if I were Tony Montana.

[YT="Tony or Gus?"]AVQ8byG2mY8[/YT]

Sorry, couldn't resist.

[Stillriledup]

Originally Posted by Dave Schwartz

We have banked with Wells Fargo for about 6 years.

Today we went out to purchase a Sleep Number Bed. Rang it up - like $1,500 - and the bank DEBIT card was rejected. The bank says, "Sorry but your daily withdrawal limit is $1,000!"

I said, "WHAT? This is MY money! Is there not enough money to cover this purchase in the account?"

"Yes, there is but we're sorry. We just cannot approve this transaction."

Funny how big banking and big brother get to decide when you can spend YOUR money. Pretty nice of them.

[badcompany]

Citibank also has a 1k a day limit on ATM withdrawals.