My youngest brother, the one that I've been supporting off and on since he started school, is really really leaving me frazzled!
I forgot about the 6 transfer limit on savings accounts and with the way things have been going we went over that. I'm only on his savings but not on his checking so I can only deposit to savings. He transfers to checking and goes on his merry way.
So for starters, he got a $10 charge because we did a 7th transfer. Then it all went downhill. I put some money in his savings, just so he'd have money in there, and he overspent and got overdrawn. Well, his overdraft protection kicked in and...transferred from his savings incurring ANOTHER $10 charge and transfer #8 this month.
I dropped in another $20 so his savings account wasn't at -$10 and sent him a text reminding him that he has NO money and to not use his card for Anything.
Today we were talking and he desperately needed some cash for food. So I went and dropped another $40 in his savings account and I called and told him he had $40 in his SAVINGS that he could pull out and that I couldn't transfer it without incurring another $10 fee and possibly incur the wrath of the bank (they mentioned something about his account might get closed if he has too many transfers). I also informed him that that was it for this month so he'd better spend it wisely.
That was a little over an hour ago. I log onto his bank account just now and guess what I found? No just guess. Yup, he pulled the $40 out of CHECKING where there is....NO MONEY. So he's overdrawn AGAIN.
ARGHHHHHHHHHHHHHHHHHHH
I sent him a text even though I knew he was in class and he's going to high tail it to the bank soon as he's out of class and try to straighten it out. Sometimes if you catch it same day they are lenient but I dunno at this point...
I'm trying to convince him to go to a cash system. Perhaps he'll actually listen to me this time.
I'm just about at my wit's end.
May 23rd, 2007 at 08:51 pm
May 23rd, 2007 at 09:19 pm 1179955161
May 23rd, 2007 at 09:32 pm 1179955960
Right now the VA thinks he's part time student because he took a one day class and they only consider him full time for that day so his GI Bill is about $200 less per month as a result.
What I'm thinking about doing with him is having him sit down and write out everything he has to pay bills wise then after leaving a cushion of like $20 in his account find out what's left over. Have that be his money for the month. Divide it by 30, gives him a daily amount. He can then go to the bank on Saturdays and withdraw the money he is allowed for the week. He probably won't be able to just pull it out of the atm as I imagine it won't be in multiples of $20. This way he knows exactly how much money he has to spend and it leaves him some cushion for the rest of the month.
We'll see if that actually works.
May 23rd, 2007 at 10:09 pm 1179958167
May 23rd, 2007 at 10:15 pm 1179958534
May 24th, 2007 at 01:39 am 1179970789
May 24th, 2007 at 01:50 am 1179971457
I understand you want to help him, but it's not really helping him grow up and be responsible and accountable for his actions and behaviors. You may want to ask him WHY he's going through so much money in such a way as to incur charges. You may also want to consider STRONGLY to get your name off of ANY type of account you have w/him be it savings or checking. It may come back to haunt you.
May 24th, 2007 at 03:40 am 1179978040
May 24th, 2007 at 01:40 pm 1180014005