On: The Real Reason The Poor Go Without Bank Accounts

[mattm]

> I didn't realize that day was the day that my World of Warcraft subscription was up

I no longer allow any automatic payments from my bank account because of this issue. Maybe one is ok but if you start to have 5 or 6 monthly payments automatically coming out of your bank account, it can be hard to keep track.

Also, if they make an error and you are dealing with a large company, it is probably going to take months to get the money back whereas paying invoices leaves me in control and I can choose not to pay if something is wrong.

If I do have a subscription, it just goes on my credit card and then I pay at my convenience. This also allows me a buffer in case of any unexpected emergencies should I need some extra cash flow. I could pay the minimum monthly amount for a month or two should I need it.

I really don't know why people do this. Let's let some large company have direct access to debit my account at will.

(Sorry for the tangent but I feel strongly about this)

[maxerickson → mattm]

"Just use a credit card" isn't necessarily an option (if your parents have bad credit, they aren't going to be able to help you get starter credit which means a secured card, which means having the cash to secure it...).

I agree though, I like to trigger my payments.

[andy_boot → mattm]

Make sure all your payments come out on the first of the month. This way it's easier to keep track.