10.22.09 | My Hundred Dollar Pack of Gum
Let me just start off by saying I was a few fries short of a happy meal back in my college days. I stayed up way too late and drank entirely too much. Needless to say clarity of thought was not my ally during those hazy days. That said, I’m sure you’re wondering how on earth someone could wind up paying more than a hundred bucks for a pack of gum. Well, lets follow the bouncing ball on its enchanted path to overdraft charges.
That particular Friday started off innocent enough as I recall. I woke up at noon, took a quick shower, grabbed a bite, and began my day. I then decided to skip my two o’clock Statistics class. I know I shouldn’t have skipped class but probability theory and standard deviations just weren’t doing it for me. In hind sight getting my butt to class would have saved me a lot of money. Anyway, after I made the executive decision to skip class I headed to the gas station. I realized on my way that I didn’t have any cash on me, but that wasn’t a big deal because I had my debit card. I knew my checking account balance was fairly low however. I was thinking my balance was around $20 bucks. This was my first mistake. All I had to do was call and confirm my actual balance, but I was too lazy.
I then proceeded to pumped $15 of gas, which was fine, but it was the next purchase that set in motion a rash of overdraft charges that had never before been seen. I strolled into the convenient store after pumping my gas and paid for a pack of gum. That $1.50 pack of gum, believe it or not, set me over the brink. I would later discover I was hit with a $39.00 overdraft fee, yikes! As it turns out I only had $16 bucks left in my account that day. The gas charge was fine but the gum purchase pushed me past my available balance threshold. Still, I was none-the-wiser at the time as I continued on my merry way.
After the gas station I swung into the liquor store and picked up some beer for the night. This was strike two. I already knew I was dangerously close to my remaining balance but made the purchase anyway figuring I could just transfer the funds over to my account when I got home that afternoon and avoid any fees.
Here is where a little bad luck and incompetence come into play. When I got home I did transferred the funds over just as I promised myself, but transferred them the WRONG way! I wanted to transfer money from my ING account to my Citi account, which was connected to my debit card, but instead accidentally clicked transfer funds from my Citi account to my ING. Strike three! That was $117 in overdraft charges ($39 x 3) that hit me within an hour!
What I should have done
- I should have called to get my balance
- I should have spoke to a customer service representative to at least dispute my accidental transfer request and get $39 waved
- I should have had an overdraft protection plan. Had I been using my ING debit card instead of my Citi I would have saved myself a lot of money. ING doesn’t charge you a flat overdraft fee, provided you fall within your qualified protection line. Here is how it works: If I was extended a $100 protection line, which I was, and made some purchases totaling $26, while only having $16 in my account the $10 bucks would be pulled from my protection line. Then I would have only paid interest (based on the ING Prime rate) on that $10 until my next deposit was made. Pretty sweet deal.
Open a FREE ING Checking Account Now!
To this day I haven’t bought another pack of Doublemint gum. It hurts too much.
ScholarshipPoints Code: GUMYUMGUM
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I would advise you to call the customer service because sometimes they can give you options if you ask on doing small payment amount or ways to lower your intrest rate. Limit on what you actual need to survie. You can sell your car and take the bus. Save the money and invest your money from work and saving. Keep doing it until you get the hang of it to have a safe secured future.
October 22nd, 2009 | #
it was great i loved it
October 22nd, 2009 | #
i got over drawn while abroad and ten dollars worth of gas cost me 400
October 22nd, 2009 | #
Next time this happens call to get you balance and see if the money you have in is enough. Always lear from your mistakes and dont to them again.
October 22nd, 2009 | #
Yeah… I am kinda scared that I might do the same thing in college. … Thanks for the information. This is can really help me.
October 22nd, 2009 | #
Oh no Itry to chech my before I get anything out and make sure everything went througt,but I forget sometime.I be more care Thank for the info I be really care now
October 22nd, 2009 | #
I unfortunately learned this the hard way when a quick snack turned into a huge expense with overdraft charges.
October 22nd, 2009 | #
im kind of glad you told me about this so that i wont be in you shoes. this is wow thank you for that advice.
October 23rd, 2009 | #
That is so scary to go through something like that…. thanx for the information
October 23rd, 2009 | #
You have no idea how many people you have helped just by sharing your story!
October 23rd, 2009 | #
YOU HELP ALOT OF PEOPLE JUST BY TELLING YOUR STORY THANKS
October 23rd, 2009 | #
Dude….totally have been there. I understand everything and was thinking to myself, this sound like someting I have already done. I too have learn to get a over draft account. Kinda funny how going to scholl really does pay off in the long run.
October 23rd, 2009 | #
I always like to know how much money I have in my checking account. It’s important to be on top.
October 23rd, 2009 | #
I’ve been in this situation numerous times! I was relieved to read about some else making the same mistakes I have! This article was very helpful!
October 23rd, 2009 | #
wow….this article was interesting and very helpful.
October 23rd, 2009 | #
I’m so glad i read this article. I have a debit card and i never heard of these over draft fees. thank you!
October 23rd, 2009 | #
This is a great story! It really helps!
October 24th, 2009 | #
This is a good read. I think I will think of this situation EVERYTIME b/c I know it all too well, and hope to prevent it in the future!
October 24th, 2009 | #
This article is great. Good information for the inexperienced.
October 24th, 2009 | #
Oh, lol :’)
October 24th, 2009 | #
overdraft protection….!!
October 24th, 2009 | #
My friend once spent $40 for a can of altoids. Both situations remind me to be careful with a debit card, especially with those dollar items.
October 24th, 2009 | #
this is why i don’t have a credit card
October 24th, 2009 | #
woowwww…i would have called that ridiculous!
October 25th, 2009 | #
Haha. I’ve had crappy moments like this, but nowhere close. I’m glad I learned my lessons, though.
Laziness is the devil…
October 25th, 2009 | #
This terrifies me!!! It is good to know to think twice and to stay on top of things.
October 25th, 2009 | #
Your story was great advise
October 25th, 2009 | #
WOW !! Thanks for the advice
October 25th, 2009 | #
Been there, done that. Hard to explain to the parents.
October 25th, 2009 | #
Wow. Glad I haven’t depended on cards yet
I loved the story.. I think it’ll help me out when
I finally do use cards for purchases during college.
Thanks for sharing your experience =D
October 25th, 2009 | #
Thanks for the info! Well received
October 26th, 2009 | #
That what happens….we must all be carefull with debit cards!!! They may be helpful but can cause trouble.
October 26th, 2009 | #
wow its crazy how much a little pack of gum can effect your day..
October 26th, 2009 | #
Wow this guy really needs to keep track of his credit card balances but I have totally been there.
October 26th, 2009 | #
i can be pretty lazy too.after reading this it reminded me of the one time i over drafted and went completely broke paying the over draft fee..
October 27th, 2009 | #
I no the risks of credit but this is just scary
October 27th, 2009 | #
Overdraft fees are not fun…carefull with direct deposits too..they aren’t always there when you think they are.
October 27th, 2009 | #
That is the kind of thing that I am afraid of I hope it does not happen to me.Hopefully my plan to prevent this kind of thing from happening helps.
October 27th, 2009 | #
I learned this the hard way as well. I was real close to my limit and i thought that a little candy bar would not put me over well it turns out it did so i ended up buying a $33 snickers.
October 27th, 2009 | #
Students and people in general need to have “financial commensense.” You must keep tabs on your finances. I always make sure I have at least a three-digit balance in my account, even as a college studet. I also call the bank to make sure there are no problems with my account (as one time it was accidentally closed) whenever I’m about to make a big purchase. I understand that it’s easy to become very routine in just swiping your card, but it can also become routine to be financially responsible if you start right now and continue with it. Using credit and debit cards should be easy. They exist for our convenience; try to not to use them to make the banks richer and you poorer.
October 28th, 2009 | #
didn’t know a pack of gum could effect your world that much
October 28th, 2009 | #
Yeah Bud, you really should have called. Thats extra money waisted.
October 28th, 2009 | #
Great Story!
October 28th, 2009 | #
wow – amazing
October 28th, 2009 | #
Yikes! ALWAYS, ALWAYS, ALWAYS, keep a record of what you buy…seriously! I know its a pain, but its worth it…I’d rather carry along in my wallet a little transaction register than pay money that I don’t even have! Trust me its worth it
October 29th, 2009 | #
So I had a similar situation. but my gum costed me 10$ ugg. banks!
October 29th, 2009 | #
This happened to me…a $13 pizza and $1.64 @ Walmart cost me $72 bucks. I just didn’t check my balance that day. I’m fortunate that my parents were able to bail me out and supply me some extra spending money. I ultimately changed my account to a credit union and set up overdraft protection. The fees there are alot lower.
October 30th, 2009 | #
thanks for the info. good luck
October 31st, 2009 | #
wow. I’ll have to watch my money next time.
October 31st, 2009 | #
LOL!!! Too funny! That will teach me a lesson.
October 31st, 2009 | #
No your options and protect yourself. Always follow through, you just might get someone on the cs line that has been there – done that!
November 1st, 2009 | #
THis was awesome !
November 1st, 2009 | #
Ouch! Thanks for warning.
November 1st, 2009 | #
you should have been saving money from the beginning because it gets hard out in the real world
November 2nd, 2009 | #
This is funny!! plus it heppens to me alot… lol
November 2nd, 2009 | #
I over drafted once last year. I was a freshman in college and I didn’t keep up with my bank account. After paying the bank a total of 85 dollars, I learned to keep up with my account and my balance.
November 2nd, 2009 | #
that’s interesting…..
November 2nd, 2009 | #
interesting…
November 2nd, 2009 | #
i have to day that this is a situation a lot of people go through. im just glad that you took your time and explained what you did wrong and you could have helped future people avoid this problem
November 2nd, 2009 | #
I have a check your balance option on my phone and it helps me so much with my financing. Thanks for your Story!
November 3rd, 2009 | #
let me just say when i get to college i wont be drinking and partying all the time, ill be focused on my school work, but otherwise that was good information
November 3rd, 2009 | #
I would have checked my balance first. Then you would not have had to be thinking constantly in the back of your mind how much money you had and would have known. It would have only taken about 5 minuetes to save you almost 150$. Now you know.
November 3rd, 2009 | #
Live and Learn
November 3rd, 2009 | #
i will go to some parties but most of the time i will be studying because am more to myself anyway.
November 3rd, 2009 | #
Its good to always check how much you have before sliding the card
November 3rd, 2009 | #
i love gum!!!
November 3rd, 2009 | #
This is a good example that teaches me a lesson to pay attention
November 3rd, 2009 | #
I always make sure to have atleast $100 in my bank account. I hope I’ll never have to have an experience like this!
November 4th, 2009 | #
mistakes happen. really all this thing seems to be saying is you gotta pay attention. well, lesson learned
November 4th, 2009 | #
live and learn
November 4th, 2009 | #
People just have to live and learn from their mistakes. Just be careful not to make the same mistake twice in life.
November 4th, 2009 | #
Ouch!!!!! Well that’s a lesson learned, and I’m sure we can all take from that.
November 4th, 2009 | #
Hahah Im sorry your day went so bad.
I guess it just wasnt your day hu?
November 4th, 2009 | #
That’s a bit disturbing to know.
November 4th, 2009 | #
wow. I have never thought of that. Speachless
November 5th, 2009 | #
oh geez. I’m so glad I can check my balance online!
November 6th, 2009 | #
i am also speechless about this
November 6th, 2009 | #
Great information. i will definitely call my bank to reassure my account balance next time!
November 7th, 2009 | #
Thanx God i read this. It’s nice of you to put thet uo there so we don’t do the same mistake. Thanx for the info.
November 7th, 2009 | #
Oh that’s messed up! You have to watch out and be careful!
November 8th, 2009 | #
I don’t blame you for not buying another pack of gum, but thank you for your experience, I’ll be sure and keep those things in mind, just as everyone else will.
November 8th, 2009 | #
Wow I am amazed. One of my ex boyfriend’s did something similar and his parents took away his debit card because they couldn’t trust him with it anymore.
November 9th, 2009 | #
if you knew that you were close while pumping gas, yet still went and bought some gum and beer. you the only one to blame.
November 9th, 2009 | #
This information was very helpful because i kind of felt that the same thing would happen to me when i get to college. This will show me priority and responsibilty dealing with money in my future.
November 10th, 2009 | #
wow now i will only push myself that much more to make sure i keep track on my cards
November 10th, 2009 | #
Simply amazing, I have never thought of it like that.
November 10th, 2009 | #
Wow this really makes me think twice. I overdraft sometimes with the same intentions as this guy but I could not imagine having to pay an extra 100 dollars for it. Very interesting story.
November 11th, 2009 | #
ouch. I had the wrong way thing happen as well.
November 11th, 2009 | #
I’ve done something like this before. I thought I had ten dollars in my account and I bought a pack of cigarettes, sooner or later it turned out to be around $70
November 11th, 2009 | #
everyone makes mistakes, and we all learn from them.
November 12th, 2009 | #
Similar things have happened to me. But this was great to read. I like it.
November 14th, 2009 | #
Great Lesson !
November 14th, 2009 | #
I’ve done this before! It sucks so much. I called the credit card company and they had no sympathy.
November 14th, 2009 | #
man that’s harsh. I hope this never happens to me.
November 14th, 2009 | #
you should never skip class and drink beer.
November 14th, 2009 | #
Like i’ve always found, it takes one screw-up to make sure you don’t make ten more.
November 14th, 2009 | #
great article, very interesting
November 14th, 2009 | #
I agree. We all mistake at somepoint in ourlives.
November 15th, 2009 | #
This same exact thing has happened to so many of my friends. I think I learned from their mistakes.
November 15th, 2009 | #
yea i agree. i remember i bought candy for this fundraiser, instead of buying just one i bought 15! it cost me $25!!
November 15th, 2009 | #
Now i know to always check my balance before i purchase anything!!!!!!!!!!!!
November 17th, 2009 | #
OMG!!!!!!!!!!!!! You should have called to check your balanced before u purchased anything!!!!!!!
November 17th, 2009 | #
Wow I never knew how much gum can effect your everyday life.
November 17th, 2009 | #
I hope I have learned from other’s mistakes and this article.
November 17th, 2009 | #
OMG!! You should of been alot more careful on what you spend. WEll next time you probably check your balance a little more often.
November 18th, 2009 | #
reading this article i have realized that before i buy ANYTHING i will always check my account balance!
November 18th, 2009 | #
always always check your account balance
November 19th, 2009 | #
I’ve overdrawn on my account before for a .99 iPod application which in turn costed me about 35 dollars.
November 19th, 2009 | #