Debit card dependency?
On Sunday I went to the ATM, which I usually do in order to have some cash for the week. After I'd gotten cash, I went to put away my debit card and noticed that I had a check from my best friend Charlie to deposit. So I put my card back in the ATM, completed the deposit, took my receipt, and drove away.
Without my debit card.
Half an hour later — while in the grocery store checkout line — I opened my wallet and realized what I'd done. I paid for my groceries with the cash and flew back to the ATM to see if my card was still there.
It wasn't.
Panicked, I called the Wells Fargo Phone Bank to cancel the card. Fortunately there hadn't been any charges on it, but it was going to take five to seven business days to get a new one. Then I really panicked. How was I going to function for that long without my debit card?
For me, check writing has gone the way of the dinosaur 
. I'm lucky if I write one check per quarter, and that's usually only for some rare service that doesn't take online payments. But I don't think I'm alone — some new checking accounts no longer come with paper checks. And many retail establishments don't even take checks anymore.
Even if I have become overly dependent on my debit card (is there some sort of twelve-step program for that?), for the next five to seven business days I will have to be creative, patient, and frugal — or resort to writing a check or two. Barbara would probably argue that this is a good lesson for me: forced thriftiness!
What payment methods do use most often? Are you as addicted to your debit card as I am?
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Comments (8)
Found in Banking, Checking, Debit cards, Financial education, Money management, Paying, Shopping, Wells Fargo Bank
Comments
I use the debit card for household purchases or the occasional online transaction, but I carry a few dollars in my wallet--my weekly allowance, if you will.
One way to avoid being dependent on the debit card is to keep spending to a minimum, of course. I usually don't spend more than twenty dollars a week except for groceries, utilities etc. I take public transit to and from work, bring my lunch most of the time, and smile smugly when I have cash left over at the end of the week (I'm saving for some things, so every extra bit helps).
Finding myself without my debit card would be annoying, but not a crisis. We keep a little cash in the house, too, so I could dip into that if I needed to, and for grocery shopping, we'd just write a check.
One thing that baffles me is why it takes 5-7 business days to get a new debit card out. This is not unique to Wells: I've had other banks make me wait a week or two, too. I have to wonder: would it be that prohibitively expensive to have one machine that was dedicated to lost card replacement, since I'm sure Wells sends out hundreds of these each week? In the event there weren't any that needed replacing, that machine could add its output to the regular workflow, so it wouldn't be wasted. If you lose your card, I can't think why there shouldn't be another on its way to you the same day.
Posted by: Rob | September 23, 2008 02:37 PM
Rob, thanks for your thoughtful comments here. I think you're right--being without my debit card is far more of an annoyance that it is a crisis--but the experience has helped me examine my spending habits a little more closely. Gas and groceries = necessary, sure. iTunes downloads and Starbucks mochas = luxuries that should be an occasional treat, not a daily habit.
In the meantime, I'm going to ask my colleagues in the debit card product group if they can shed any light on why it takes so long to get a new card. Will keep you posted on what I learn.
PS: On Monday and Tuesday I didn't spend anything at all!
Posted by: Staci Schiller | September 24, 2008 08:29 AM
Staci: My biggest bills (my mortgage and homeowner-association dues) are paid via pre-authorized withdrawal from a dedicated checking account. I specifically use a separate checking account for my "push" bill payments, debit card transactions, and checkwriting. I typically write a total of four checks/month, a huge drop from my checkwriting level a few years ago.
Maintaining two separate checking accounts can reduce the risk of inadvertently overdrawing the account that pays your biggest bills. You could have one account that is 100% used for debit-card purchases and ATM withdrawals. Keep in mind many employers direct deposit plans allow pay to be distributed among multiple accounts.
Posted by: Ronald | September 28, 2008 07:31 AM
No spending on Monday or Tuesday? You rock! I'd love to see even a hint of that kind of fiscal discipline from our government {grin}
Posted by: Rob | September 29, 2008 07:21 AM
@Ronald--Good suggestions! I hadn't considered maintaining separate accounts, but it might be something to look into. Like you, many of my bills are paid by automatic withdrawal or online bill pay, so I write very few checks.
@Rob--I have to admit that on Wednesday I bought lunch with cash, and on Friday (when my new debit card arrived) I made a Target run (mostly for necessities, but some Halloween candy also snuck into my cart). However, I am trying really hard to have more spending self-control, so perhaps the government could learn a few things from me! :)
Posted by: Staci Schiller | September 30, 2008 02:05 PM
you got to be kidding me. you are talking to a BANK!
Posted by: doodo | October 1, 2008 01:56 PM
doodo, I'm not exactly sure what you mean by that, but yes, you are talking to a bank. And even bank employees still have to wait 5-7 business days for a new debit card! (BTW, I got mine in 5 days.)
Posted by: Staci Schiller | October 2, 2008 10:15 AM
Staci: How do you keep all of those debit transaction receipts from becoming misplaced? I'm still looking for "the best" method, currently I'm using zip-lock plastic sandwich bags.
Also, I'm realizing how important it is to manually balance one's checking account ledger in addition to using online banking
Posted by: Ronald | October 3, 2008 03:28 PM