Debit Card Purchase Limit increase

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Davyvfr
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Debit Card Purchase Limit increase

Postby Davyvfr » Wed Sep 18, 2013 11:27 am

Hello,

Has anyone gone to their bank or called and done a debit card purchase limit increase? My bank places a $3,500 max purchase limit, however, the computer I am planning to buy is more than that (close to $5000). I called my bank and they stated they need to see "guaranteed funds". Basically, they need to see the $5000 left in the account for a week or more so they can do an increase for an hour. If the purchase is over $5000, it requires manager approval. What are the odds of getting an increase?


Midori
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Postby Midori » Wed Sep 18, 2013 1:17 pm

If you're going to make a $5000 purchase with a debit card, is there a problem with keeping $5000 in your account longer than a week as they've asked you to?

If you're going to make a $5000 purchase and you don't want to do what they've asked, can you just write a check and pop it in the mail if you're not buying bricks-and-mortar? It'll probably have to be verified, so it will probably tie up your funds even longer...

If you're going to make a $5000 purchase, and you don't want to jump through the bank's hoops to make that purchase with your debit card, why not put enough money into your American Express Prepaid Card account that you already have and use that?

If parking $5k anywhere for any amount of time is a little difficult for you, perhaps you might rethink your timing on when you want to buy a new computer?

SClay
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Postby SClay » Wed Sep 18, 2013 1:37 pm

Midori wrote:If you're going to make a $5000 purchase and you don't want to do what they've asked, can you just write a check and pop it in the mail if you're not buying bricks-and-mortar? It'll probably have to be verified, so it will probably tie up your funds even longer...


Unfortunately there are spending limits on the AMEX prepaid (blue) card as well that I'm pretty sure can't be lifted (first hand experience). Not only that, but the maximum balance you can put on the AMEX prepaid card is $2500. That is, unless he's using Serve/Bluebird to which I don't have but could imagine they have similar restrictions.


Anyways, What I would recommend doing is if you can split the payments into two. Are you purchasing a bunch of accessories with this? Monitor/Keyboard/Gaming equipment etc. I couldn't imagine a tower alone for a computer costing $3500, even if it's for a gaming or a large enterprise. I once had to split my amazon purchase into two separate purchases because of the spending limit attached to my Wells Fargo account.
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Obi-dan
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Postby Obi-dan » Wed Sep 18, 2013 5:15 pm

I used to work for one of the big 4 banks. We could, within our authority limits, increase people's limits on their debit cards. The problem is that if anything goes wrong it will probably cost the banker their job. Any sort of override was handled this way. It does two things: First it gives individuals the ability to make decisions within their limits. Second, it makes them reluctant to do so because the ramifications are so high. If you know a banker at a local branch you may have better luck as a personal relationship can go far.
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Davyvfr
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Postby Davyvfr » Wed Sep 18, 2013 5:33 pm

Obi-dan wrote:I used to work for one of the big 4 banks. We could, within our authority limits, increase people's limits on their debit cards. The problem is that if anything goes wrong it will probably cost the banker their job. Any sort of override was handled this way. It does two things: First it gives individuals the ability to make decisions within their limits. Second, it makes them reluctant to do so because the ramifications are so high. If you know a banker at a local branch you may have better luck as a personal relationship can go far.


All increases are handled on the phone, not by the local branches. They can increase up to $10,000 max with manager approval. They like to see a large balance in the checking account with minimal overdrafts. It sounds like a good chance of getting a $5000 limit since the customer representative can do it, but over 5,000 is more difficult. The computer is slightly higher than $5,000, just computer parts.

SClay
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Postby SClay » Wed Sep 18, 2013 5:43 pm

Davyvfr wrote:The computer is slightly higher than $5,000, just computer parts.


That's a hell of a system you're constructing.
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Mrm-na
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Postby Mrm-na » Thu Sep 19, 2013 8:19 am

I use a regional credit union. My debit card apparently had a $1,000 purchase limit, because I placed an order for a bit more than that and the next day got an email stating that the charge had been declined.

I called the bank, asked what was going on, and the rep quickly identified the failed charge attempt. She then offered to raise the limit to $4,000. It was permanent, not temporary. No delay or hesitation about it whatsoever - and I only had like $1500 in the account.

I guess I was lucky, I didn't know this was a difficult thing to get done. Seems to me it's just a security feature for the customer's benefit, which the customer should be able to adjust as they wish. But I don't know all the legalities of this business.

Obi-dan
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Postby Obi-dan » Thu Sep 19, 2013 9:36 am

Davyvfr wrote:All increases are handled on the phone, not by the local branches.


That's too bad they have taken that authority out of branches. Makes it harder for bankers to service their clients. Good luck launching the spaceship or whatever your using this computer for. :-)
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