So, I finally signed up for online banking with Wells Fargo. I know, I’m retarded. I’m hooked now, so everyone quit bugging me about it, okay?
It’s scary when you can easily see where all your money goes. I eat most of my meals at home, or at least at someone’s home, but check out that Restaurant column! Click! Oh, well, bars are considered restaurants, also. I never drink alone, so most of the alcohol I consume is from a bar. That makes more sense now.
But, hey, here’s something interesting… by comparing my debit card receipts against the charges I can see online, I see a discrepancy. Hmmm, very interesting. My trusty calculator shows that some people apparently can’t read too well. Another interesting fact… these mistakes are all on charges marked pending.
I call my banker. Oh, this gets better and better! Mr. Banker says, “…and we neither recommend nor condone this practice”, some establishments, restaurants and bars usually, will add on a gratuity when they run your card, thereby pre-approving you for some amount before you total and sign the receipt. When they get around to processing their credit/debit card transactions, in some cases weeks later, the charge on your account reverts to the actual amount. I know this because I can see some pending charges that are over a week old.
Okay. Some of you will say, “EP, so what?”, and I agree, it’s not a big deal. I have to wonder, though, about an establishment that waits over a week to process what must be a sizable portion of their receivables. I guess they just have so much money that their bank account can’t hold it all. Or, maybe that’s why they are failing when others around them prosper.
Here’s another thought. You $30K millionaires can ignore this one ’cause I know it doesn’t apply to you. Again, dragging out my trusty calculator, the add-on appears to be 20%-25%. Lets say you exert at least a modicum of financial responsibility and use your debit card for most of your expenditures. If you spend enough time in the restaurants and bars, could that extra 25% not overdraft your account, especially if you tip in cash like many people do? A stretch, I admit, but one has to wonder.
Maybe the bank doesn’t calculate an overdraft fee based on pending transactions. Based on the horror stories I’ve heard from some of my fiscally irresponsible acquaintances, I find that hard to believe. Whatever. It means at the very least that establishments have set the acceptable tip at 20% and you better not show up expecting to drain one of your accounts dry and tip out of your pocket or split the bill with a friend or some other combination that violates their predetermined plan for your money. “I’m sorry, sir or madam, your card has been declined.” ” You are a deadbeat that can’t afford a measly 20% tip and we don’t want your ilk in our establishment.”
Too funny.
