[HN Gopher] You Need a Backup Bank
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You Need a Backup Bank
Author : josephcsible
Score : 32 points
Date : 2024-06-28 17:51 UTC (5 hours ago)
(HTM) web link (lifehacker.com)
(TXT) w3m dump (lifehacker.com)
| josefritzishere wrote:
| Affirmative
| jakub_g wrote:
| Also, you may lose your bank card randomly any time (lost wallet
| etc).
|
| While waiting for the new card, having some cash at home and/or
| backup account with with a backup card at home can be useful.
| dc3k wrote:
| Who uses cards anymore? I don't even carry a wallet. Everything
| has been tap to pay on phones for years now.
| Scoundreller wrote:
| Depends on country. Some still apply their contactless limits
| to Apple Pay:
|
| https://support.apple.com/en-qa/118627
|
| e.g.:
|
| > France
|
| > You might not be able to use Apple Pay for purchases over
| 50 EUR.
|
| > Canada
|
| > You might not be able to use Apple Pay for purchases over
| 250 CAD
| 1oooqooq wrote:
| It must be nice to never travel anywhere.
| 0cf8612b2e1e wrote:
| Too much of my life is dependent upon this glass rectangle to
| also make it the lynchpin for my finances.
| zafka wrote:
| On another note, alternate between two credit cards. I found out
| the hard way that cards that are classified as business cards are
| not reported to the ratings agencies even if they were acquired
| with your personal SS#. I cannot put into words my distaste for
| the way credit scores are being handled.
| josefritzishere wrote:
| Credit scores were invented in 1989. Most countries don't have
| them at all. (UK, US, Canada, Spain, China and Japan do)
| Personally, I think they should be illegal.
| complaintdept wrote:
| The funny thing they were supposed to provide more equitible
| and fair decisions in issuing loans, but the exact opposite
| happened.
| Scoundreller wrote:
| And still at the end of the day, lenders mostly care
| whether you earn enough to pay.
|
| The credit rating is mainly a way to check how much credit
| you already have available and whether you're up to date or
| not. Oh, and verify your identity (probably the primary
| purpose of them).
| t0mas88 wrote:
| Absolutely. It's surprising that not everyone does this.
|
| I have two bank accounts, each with a card and Apple pay. My
| "backup bank" costs about 3 euros / month for a simple payments
| account, savings and a creditcard.
|
| My main creditcard is a separate Amex, but having a backup Visa
| card is useful also because Amex acceptance is still not great in
| Europe.
|
| For less than 50 euros per year that's a lot of redundancy.
| Scoundreller wrote:
| Meanwhile in USA, paying a monthly fee for a basic bank account
| means you need to look for a new bank.
| t0mas88 wrote:
| Are accounts free in the US? My impression was that you pay
| all kinds of fees for everything with most banks.
|
| That 3 euros includes free ATM usage in nearly all of Europe
| and no fees on transactions within Europe. It's a lot less
| than what I paid in banking costs when I was living outside
| the EU.
| Scoundreller wrote:
| The accounts are typically free, but they love to nail you
| on things like going overdraft by 1 cent or "inactivity
| fees" or other BS.
|
| US Credit cards will only have fees if you get some super
| premium ones (and even then, there are often promos for
| that to zero out the fee temporarily or long-term).
| 1oooqooq wrote:
| in the USA you are more likely to pay for not using your
| card.
| xenospn wrote:
| If you have money, a lot of things are free in the US.
| Ironic, I know.
| oldmariner wrote:
| You also need multiple credit cards.
|
| I mostly use cash everywhere I go, but I have one credit card for
| autopay items, and another credit card for random purchases. I
| have a third card for temporary use should either of the first
| two cards be hit with fraud and I need to wait for a replacement
| card in the mail.
|
| If you don't want to have multiple credit card accounts, you can
| often get a second card on the same account with a different name
| and use that one.
|
| If you write checks, you should do that from a seperate account
| because everything someone needs to steal your money is written
| on the front of the check.
| AstroJetson wrote:
| I have multiple cards with multiple providers. I make an effort
| twice a year to run transactions through them to keep them
| active. The rewards card gets the most activity, the others are
| there as backup.
|
| I've had the main card "stolen" a few times. Even with free
| overnight shipping it takes 2 days to get the card and activate
| the account. Having a backup card makes that less painless.
| thr0w wrote:
| You don't need any credit cards. I've never had a credit card,
| and it's caused me 0 friction in life.
| lurking_swe wrote:
| don't most hotels strongly prefer a credit card on file? i
| think they typically put a large hold on a debit card. could
| be an issue for some.
| xenospn wrote:
| You probably don't go anywhere, because I travel a lot and
| trying to only use cash would've been a huge burden.
| more_corn wrote:
| You can't rent a car without a credit card. (Please do not be
| standing in front of me in line when you try and fail)
|
| Most hotels require one too.
|
| This is for any situation where your liability may exceed
| your cash on hand.
| water9 wrote:
| You need Gold not a second bank
| Willish42 wrote:
| > How you bank can screw you over
|
| This is the first heading 3 paragraphs into the article (note the
| typo in "you"). Do people ... not even read their own writing
| before publishing an article these days? I understand people
| don't want to "waste" money on editors but most random dev blogs
| have fewer typos than sites like this where content is
| _monetized_ through ads.
|
| I bank with one of the main US companies and probably should look
| into using a second, but setting up credit cards etc. at each one
| seems like a bad idea...
|
| IMO, this is why we should have basic banking through USPS or
| some other federal organization. I don't care what it costs or
| why private organizations with [clear histories of
| fraud](https://en.wikipedia.org/wiki/Wells_Fargo_cross-
| selling_scan...) are supposedly better. We should just have
| better nationalized banking offerings (airlines and healthcare
| too for that matter) and remove this problem altogether.
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(page generated 2024-06-28 23:02 UTC)