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re: Only 13% of workers under 50, could answer 4 of 5 financial literacy questions correctly
Posted on 5/24/22 at 12:56 pm to TigerintheNO
Posted on 5/24/22 at 12:56 pm to TigerintheNO
quote:
2)Funds are taken from a debit card transaction immediately.
What bank do you have where this is true? My debit transactions take 2-3 days.
Posted on 5/24/22 at 3:04 pm to j1897
Yeah mine come out at the end of the month. That one was false. I’m fine with the 401k question as not every 401k offers a Roth option. Most do now though
Posted on 5/24/22 at 4:58 pm to j1897
quote:
What bank do you have where this is true? My debit transactions take 2-3 days.
Mine bank is usuallyimmediate, but a better description for the test would be that with a debit card your account has to have sufficient funds to cover the charge because it is possible it could be debited immediately.
Posted on 5/24/22 at 10:55 pm to j1897
quote:It may not show on your statement or app, but those funds were withdrawn immediately. Also, unlike a credit card, a chargeback or dispute takes time to get the funds back into your account.
What bank do you have where this is true? My debit transactions take 2-3 days.
Posted on 5/25/22 at 2:18 pm to j1897
quote:
quote:
2)Funds are taken from a debit card transaction immediately.
What bank do you have where this is true? My debit transactions take 2-3 days.
All debit card transactions (not debit transactions... this is referencing the card) put an immediate hold on funds.
Most retailers immediately run the balance at checkout against the checking account (i.e. grocery stores or online retailers).
Some retailers "marry" the charged amount at night and there may be a delay from when the "hold" amount becomes an actual withdrawal of funds (i.e. restaurant or barber where tips may be added. Gas stations hold the funds before the fillup but process the funds at the completion).
A lot of confusion about debit transactions occur because EFT (electronic funds transfer) is a slow process. This is a bulk request of funds to a bank that is run daily. The request includes every bank customer doing business with that retailer on that business day. This could be thousands or tens of thousands of requests to one bank (say Wells Fargo or Bank of America) from one retailer (say Progressive or Rocket Mortgage). It isnt uncommon for 2 to 3 business days needed to process a daily request (throw in a holiday weekend and that could be almost 5 calendar days).
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