I had $50 in venmo, which I used to purchase groceries, because my bank account is currently negative.
Instead of using the $50 in my bank account, instead, a week later the $50 came out of my bank account, not touching the Venmo balance at all.
So now I have an overdraft fee, effectively meaning I paid 1.5 times for those groceries.
I don’t have “overdraft protection,” I’ve told my bank I don’t want overdrafts to go through, but fuck me for being poor I guess.
More than maybe one. Some also accept deposits through stores. I’ve never used them or needed to.
It was easy to adapt away from cash, and I prefer the safeguards of credit & mobile pay.
No thanks, I prefer cash. Credit cards and debit cards can be disabled at a whim. Prone to being fucked up by computer error, don’t work when the internet is down, or during a disaster with no power.
Cash always goes through, though. Cash will always remain king.
That’s the beauty
Plus, they extend warranties on purchases & provide purchase protections.
Unless you carry around a large supply of cash at all times, you’ll be in the same bind withdrawing cash: ATMs & account ledgers run on power & networks.
That’s a problem: anyone can use my cash without authorization. If they steal it, I have no way to disable it, and it’s more difficult to recover. If I lose it, it’s most likely gone.
Not in terms of security or recovery.
I could withdraw cash & carry it around, but then it won’t earn high interest.