Danger using a Digital Wallet and Apple Cash
Apple Support and the banks say it takes 3-7 days to credit back your account and there’s nothing they can do about that. Support blames the software. Apple can’t solve a simple software problem?”
Recently, we started using our Apple Cash feature on our iPhone. We transfer a few hundred dollars every week as savings. If we need the money, then we just transfer the money instantly back to our checking account.
So that comes out to $350 for some iTunes music and an Uber Ride. "
Last week, we transferred $300 to our Apple Cash. Apple debited out checking account and transferred the funds immediately. Awesome. But the next day, we received a second authorization for $300.
Wells Fargo and Apple Computer Do Not Know the Value of $300
For most banks and big computer companies like Apple, $300 seems like a small purchase. But for the majority of people, $300 is an enormous amount of money. A lot of people today cannot quickly come up with that kind of cash instantly. They can get within a day. But not instantly. Wells Fargo and Apple do not know that. Because when you are a Wells Fargo or Apple Computer customer, $300 puts you in the chump category of customers; you are not a VIP.
When a company offers financial services, you have a responsibility to the public. They trust you to hold their money. And they trust that when you need, like in an emergency, that you will return immediately. With the credit card systems, they can debit your account immediately but crediting your account take 3-7 business days. Sounds like that system was designed by a banker looking for ways to increase profits by holding customers' money and blaming it on the computers.
BASIC BANKING 101: You cannot leave your customer stranded in a dangerous neighborhood. My Grandfather was a bank manager for 40 years. Banking has been around since the Pyramids. Some things do not change.
What Happens When Apple Double Charges the Jedi?
Here is what immediately happens to our account when it is double charged: our account goes into overdraft. The next thing that happens is our cards stop working. Then the next thing that happens are overdraft fees. Every pending transaction get charged $35. Even a small purchase, like for iTunes music that costs $1.29, is charged $35 for an overdraft. Fortunately, by law, Wells Fargo puts a maximum cap on how many overdrafts they can charge you. They can only charge you 10 overdraft fees a day, So that's $350 for some iTunes music and an Uber Ride.
But here is where safety is concerned. We don't have a car. We use Uber. When you are in an Uber and your card stops working, you can't get home. That is dangerous. And it is irresponsible of Apple and Wells Fargo to put their customers such a predicament. Wells Fargo and Apple's only solution is to wait until the authorization drops off. Which according to Apple, can take anywhere from 3 to 7 days. That is not cash. That is simply another card. Apple is misleading the public by calling it cash. As of this writing, we do not have access to our $300.
The question remains: Who pays for the overdraft fees?
Is This Greed or Negligence?
We do not need to make a lot of money. Our diet is simple. Our living is even more simple. For entertainment, we have fun with no money. We laugh at how fat the squirrels are getting since we started feeding them. Simple.
Is Living Minimally Scary?
10 years ago, my worst fear was to be living the way I live today. By that I mean that we live day-to-day. We don't have money for food, medicine or rent for next week. We accept the fact that's our life is given to us daily by the Universe. And as such, we rely upon the Universe to provide what we need. If we weren't meant to be here, then we wouldn't be here. We only need $400. Not too hard to get. Its satisfying. It's a life worth living. When you have been to the bottom and back, and down the bottom again and back, and then back again, there is nothing that will ever scare you again.
QUESTION: Who is getting the interest on my $300 while we are in overdraft?
Former banker and CEO, Jedi Rich Lightowler changed his life after 9/11 to pursue his passion for modeling, photography, music and video.