Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
ATM only card ?
Old 10-04-2009, 08:47 AM   #1
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
ATM only card ?

Opened up kids account. The default is ATM / Debit / Visa card. Don't want this because kids overdraft and fees and cr*p.

First my bank says "has to be this way". Then they tell me I can get a ATM only card - but I have to pay $10 per year. Bugs me, but I say OK.

Then I find out that it is NOT just an ATM card - it is a ATM / Debit card. They cannot do just ATM card. And if the balance is low, a merchant debit transaction can still go through.

All I want is a simple ATM card. Only usable at ATM. No overdraft, no anything. If there's no money in account, no money comes out of ATM.

Anybody have "just ATM" card ?

Please: no comments about kids and parenting. I want them "all cash" so they learn value of money. This "swipe card and get stuff" is baloney.

Banks suck. Really suck.
__________________

__________________
Delawaredave5 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-04-2009, 09:15 AM   #2
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,501
We have one at BB&T, opened because they have ATMs all over the place around here. Actually it's a checking account and the ATM card came with that. I declined the debit card function because the consumer protection issues are so much better with a credit card.

I haven't tried to take out more cash from the ATM than was in the account but I suppose the transaction would be declined.
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 10-04-2009, 09:22 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
For the 1st hundred years (after we tried these new fangled atm cards when they 1st came out), we were cash only. I know it's inconvenient, but I would go down to the bank every Friday and withdraw the 'weekly cash'. It worked wonders for our budget too. DW would occasionally have a surplus for the week and we could splurge a little the following week. Worked just fine.
We did finally succumb to the 21st century and are using credit cards for everyday transactions (along with cash ... old habits)

This is sort of like the cooking advice I heard on one of those morning shows. This 20 something 'expert' was telling everyone ... if you run out of spam, you can use oil or butter
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 10-04-2009, 09:37 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,456
We have an ATM only card. Bank of America. At first they wanted to issue a debit card, but we made them give us ATM only - no problem.

Our previous bank (Bank One - now Chase), issued us a debit VISA/ATM card at one point, and we made them give us ATM only instead.

So, yes, we have had ATM only cards from two different banks.

Audrey
__________________
audreyh1 is online now   Reply With Quote
Old 10-04-2009, 11:20 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,616
We use WellsFargo for all our free banking (free brokerage as well) and got our daughter a checking account with an ATM/debit card. Mom is on the account as well. It comes with (i.e. is linked to) a savings account. The savings account provides overdraft protection.

No fees. Debit card has not been a problem. Indeed, one can see from the statements where the money is being spent. When cash comes from the ATM and disappears, you have less idea what the money might have been spent on.

And to add: In more than 2 years, no overdrafts on the checking account.

It's easy to learn the value of money: Take it away from them and watch them do without.
__________________
LOL! is offline   Reply With Quote
Old 10-04-2009, 11:37 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,925
I have ATM only card from Citibank. Default is debit so you have to ask.
Also have ATM only card from Alliant CU. Again had to ask.
Tried but failed to get ATM only card from Schwab Bank......only debit.
Trying to reform them but it's ongoing process.
__________________
kaneohe is offline   Reply With Quote
Old 10-04-2009, 11:41 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,256
One thing that people here are not taking into account.... your ATM card is connected to a 'network'.... some retail places are also part of the network... so if you want to pay for something at one of these places, you do exactly like an ATM, you put in your card, put in your pin and cash is withdrawn from your account just like some other banks ATM... there is no way around this 'loophole' in the system... you just have to not use the card..

This is not considered a debit card... because it is not part of the Visa or Mastercard network... but Cirrus or (can't remember that other big one)...
__________________
Texas Proud is offline   Reply With Quote
Old 10-04-2009, 11:46 AM   #8
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
Quote:
Originally Posted by kaneohe View Post
I have ATM only card from Citibank. Default is debit so you have to ask.
Also have ATM only card from Alliant CU. Again had to ask.
I take it you're sure they are ATM only. The bank customer service rep told me mine was "ATM only" - only to find out it still works with pin at merchants.

Then they said "it is ATM only - but it also works with PIN at merchants". Then I asked "how is that different from debit card ?" CSR was stumped....

All of these bank policies are to weave little traps for you to overdraft and/or use credit.
__________________
Delawaredave5 is offline   Reply With Quote
Old 10-04-2009, 11:56 AM   #9
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
Quote:
Originally Posted by Texas Proud View Post
One thing that people here are not taking into account.... your ATM card is connected to a 'network'.... some retail places are also part of the network... so if you want to pay for something at one of these places, you do exactly like an ATM, you put in your card, put in your pin and cash is withdrawn from your account just like some other banks ATM... there is no way around this 'loophole' in the system... you just have to not use the card..

This is not considered a debit card... because it is not part of the Visa or Mastercard network... but Cirrus or (can't remember that other big one)...
You might be right here - there may be no way for the banks to designate "ATM only" versus ATMs and merchants.

Then I asked: "if there is $5 in account and kid at store tries to buy $20 item, the transaction will be declined - right ?

WRONG - she said the transaction would go through for small amounts and you have 24 hours to cover the account deficit or there would be fees.

All I wanted was all transactions to cease if there's no money in account.
__________________
Delawaredave5 is offline   Reply With Quote
Old 10-04-2009, 12:03 PM   #10
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by Delawaredave5 View Post
All I want is a simple ATM card. Only usable at ATM. No overdraft, no anything. If there's no money in account, no money comes out of ATM.
Anybody have "just ATM" card ?
Banks suck. Really suck.
Navy Federal Credit Union.

And maybe most credit unions in your area.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 10-04-2009, 12:20 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,616
Quote:
Originally Posted by Delawaredave5 View Post
All I wanted was all transactions to cease if there's no money in account.
Isn't this something you are supposed to teach your kid? Otherwise, you might be training them that they don't need self-control and to spend until it doesn't work anymore. Never mind, you said you didn't want to discuss that.
__________________
LOL! is offline   Reply With Quote
Old 10-04-2009, 02:46 PM   #12
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
Quote:
Originally Posted by LOL! View Post
Never mind, you said you didn't want to discuss that.
Thanks. The kids actually are quite disciplined and conscientious for their age.

Quote:
Originally Posted by Nords View Post
Navy Federal Credit Union.

And maybe most credit unions in your area.
Are you sure about this ? My daughter has a small credit union account in her university town. It also was supposed to be "ATM only" - yet, I just looked at the account - there are merchant debit charges recently showing.

Someone posted earlier that ATM and merchant card transactions using a PIN might all be on same network.
__________________
Delawaredave5 is offline   Reply With Quote
Old 10-04-2009, 02:57 PM   #13
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by Delawaredave5 View Post
Are you sure about this ? My daughter has a small credit union account in her university town. It also was supposed to be "ATM only" - yet, I just looked at the account - there are merchant debit charges recently showing.
That's why I use the word "maybe".

When people are unhappy with their banks-- and there are a lot of unhappy people-- they're generally able to find a credit union that has more flexibility, fewer "gotcha" fees, better customer service, higher CD/savings rates, and lower mortgage rates.

So I'm suggesting that you try a credit union. There are usually several in an area, and I wouldn't make any conclusions after looking at just one. Maybe (there's that word again!) you'll find one that does "only" ATM cards, and maybe not.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 10-04-2009, 03:01 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,925
Quote:
Originally Posted by Delawaredave5 View Post
I take it you're sure they are ATM only. The bank customer service rep told me mine was "ATM only" - only to find out it still works with pin at merchants.

Then they said "it is ATM only - but it also works with PIN at merchants". Then I asked "how is that different from debit card ?" CSR was stumped....

All of these bank policies are to weave little traps for you to overdraft and/or use credit.
so this proves my principle that if you never speak up because you think you're right, you'll never find out if you are wrong. Thanks for the input...I'll have to put Citi And Alliant through an inquisition and then try using the card to buy something. Never too old to learn!

well, at least my card was free.
__________________
kaneohe is offline   Reply With Quote
Old 10-04-2009, 05:29 PM   #15
Recycles dryer sheets
thefinancebuff's Avatar
 
Join Date: Dec 2008
Posts: 262
Quote:
Originally Posted by Delawaredave5 View Post
Then I find out that it is NOT just an ATM card - it is a ATM / Debit card. They cannot do just ATM card. And if the balance is low, a merchant debit transaction can still go through.

All I want is a simple ATM card. Only usable at ATM. No overdraft, no anything. If there's no money in account, no money comes out of ATM.

Anybody have "just ATM" card ?
There are PIN debits and there are signature debits. You can get a card that only works with PIN debit, but not signature debit (no Visa/MasterCard logo), but I don't think you can get a card that works only on ATM machines but not on merchant terminals with PIN, because the ATMs and the terminals go through the same network. You may find out you can theoretically overdraft from ATM withdrawals too.

If you want to know everything about debit, here's a good paper (140 pages) from a researcher at Kansas City Fed:

http://www.kansascityfed.org/publica...s/ATMPaper.pdf
__________________
thefinancebuff is offline   Reply With Quote
Old 10-04-2009, 06:46 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,925
Isn't it possible to program the system to recognize that your card can only withdraw cash at ATMs? I know nothing about these things but I would guess each ATM would have a unique ID so, at least in principle, should be possible.
__________________
kaneohe is offline   Reply With Quote
Old 10-04-2009, 07:04 PM   #17
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
Quote:
Originally Posted by thefinancebuff View Post
There are PIN debits and there are signature debits. You can get a card that only works with PIN debit, but not signature debit (no Visa/MasterCard logo), but I don't think you can get a card that works only on ATM machines but not on merchant terminals with PIN, because the ATMs and the terminals go through the same network. You may find out you can theoretically overdraft from ATM withdrawals too.
Thanks for post and paper. What a mess. Interesting paragraph below about online and offline (you called signature) debit transactions.

I didn't realize some banks /networks charge fees on online debits.

"To complete this section, it may be useful to emphasize the similarities and differences between online and offline debit transactions. Both transactions are conducted at a POS terminal. Both represent payments in exchange for goods or services. But online debit requires the use of a PIN and funds are debited immediately, while offline debit does not require a PIN and funds are not debited immediately. Online debit transactions are processed over an EFT network. By contrast, offline debit transactions are processed over credit card networks. Online debit allows the consumer to obtain cash back at the point of sale, while offline debit does not. Finally, consumers and merchants face differing fees for online and offline debit (detailed in Chapter 4)."
__________________
Delawaredave5 is offline   Reply With Quote
Old 10-04-2009, 09:41 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,256
The only way to get an ATM card that will not work at a merchant is to find a bank that is not in ANY network... where you can ONLY use them at THEIR ATMs... I do not think there is any bank that offers this option...


the problem with this is if you want to use it at any other banks ATM then you are on a network and a merchant can be on that same network...
__________________
Texas Proud is offline   Reply With Quote
Old 10-05-2009, 11:14 AM   #19
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,372
Can you just skip the ATM completely (destroy the card if it allows purchases, etc.) and have them go to a teller at the bank when they need to withdraw money?

Aside--I do remember when all the credit card companies were in Delaware, DelawareDave. Coincidence re your problem? Hmmm
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 10-05-2009, 11:48 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,456
Hmmm - well, OK, I guess my ATM card probably does work at a merchant in the network. I never really thought about it. It doesn't have a VISA type logo or anything like most debit cards do, but I guess regular ATM cards will work at a merchant.

Audrey
__________________

__________________
audreyh1 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Nigerians safeguarding my ATM card. ls99 FIRE and Money 9 06-12-2009 12:51 PM
ATM Rage jazz4cash Other topics 6 09-15-2008 05:52 PM
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 02:04 PM
ATM cards - Netbank ATM Gone - Fees HSBC/Citibank Oliver FIRE and Money 8 11-04-2007 05:08 AM
ATM fees going up, up, up mickeyd FIRE and Money 21 11-09-2006 02:10 PM

 

 
All times are GMT -6. The time now is 08:03 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.