Money Horror • Hacker News Board

Re: Money Horror

#71

Post by loco5niner » Fri, Apr 03, 2020, 6:26 PM UTC

Pt_ wrote: post #47

SQueeeeeL wrote: post #26

Earlier quoted context omitted.

I feel like there's an argument to be made for having an actual human monitoring large transactions. If you're trying to take out a $600,000 mortgage at 3 AM on a Sunday, that probably shouldn't go through, or at the very least have some human verification. Humans tend to work 9-5 Monday to Friday

Surely anomaly detection is better done by a machine? I guess there's a certain level of human "intuition" about these things but is this not what most banks anti-fraud systems do already?

> Surely anomaly detection is better done by a machine?

I've worked with machines. I don't think this is a good idea.

Re: Money Horror

#72

Post by viklove » Fri, Apr 03, 2020, 7:42 PM UTC

r_singh wrote: post #38

LeifCarrotson wrote: post #29

Earlier quoted context omitted.

You feel the need to take out a short-term loan for your soda purchase? The fact that a debit card isn't considered as good as (and further, that it's not assumed to be better than) a credit card is yet another bit of money horror.

It’s a free loan for a short period, and if you don’t settle timely due to your own impulses to over “borrow”, you incur high interest, and only then do these loans become a problem. Otherwise there’s no reason not to use a CC instead of debit. It can even be life saving if you’re slim on the savings and are smart with your CC usage and settlement.

I don't want to take out loans, and I never want to owe anyone money. I have the money to afford a soda right now, why can't I use that?

Re: Money Horror

#73

Post by quietbritishjim » Fri, Apr 03, 2020, 11:00 PM UTC

pwinnski wrote: post #44

djmobley wrote: post #27

Earlier quoted context omitted.

In the UK it is absolutely a thing. Why would it not be a thing?

The cost of rigorous consumer protections is sometimes monetary. I have this discussion with European friends regularly: No, I don't automatically get a three-year warranty on everything I buy. I don't even want such a thing, sometimes. And in return I pay much less for everyday items.

The parent comment and the one it's relying to are about keeping a credit card to build credit history. I don't see what your comment has to do with that. Am I missing something?

Did you think they were still talking about paying a fee for credit cards? Typically in the UK there's no fees for credit cards, the cost is just in the interest if you don't pay it off in time. In fact there are usually less fees for financial services in European countries e.g. checking accounts and ATMs usually don't have fees. (I mean there isn't usually a fee just for having a checking account, but there are of course fees for doing certain things with it such as a CHAPS transfer.)

Re: Money Horror

#74

Post by Legogris » Sat, Apr 04, 2020, 8:59 AM UTC

djmobley wrote: post #27

Legogris wrote: post #15

Earlier quoted context omitted.

I'm curious if there's anywhere else outside the US where "building your credit rating" by accumulating debt history from e.g. credit cards is a thing and makes a difference. I haven't heard it mentioned as a US-specific thing, but I've also only ever heard Americans talk about it.

In the UK it is absolutely a thing. Why would it not be a thing?

I have not heard this be a factor when people get mortgages or loans. So "because it doesn't matter".

But apparently in the UK it does! So if I understand right, not having a history of debt can be a problem when getting a mortgage or loan simply because lack of data for them to make any assessment?

Re: Money Horror

#75

Post by pwinnski » Mon, Apr 06, 2020, 10:46 PM UTC

beerandt wrote: post #61

pwinnski wrote: post #36

Earlier quoted context omitted.

In the US, I haven't seen a debit card that wasn't also usable as a "credit card" (VISA/MasterCard numbers) in decades.

Just because it can be run on a credit cards network, doesn't mean it's being used as a credit card.

Sure, but it can be used with vending machines that require "credit cards," which is somewhat the point.