debit card ONLY - no overdraft - where?

rockrat

my wife simply cannot get to grips with our finances. no matter how much i try to explain the virtues of paying off our debt, while she agrees entirely with the concept she cannot seem relate that it means making a concious decision NOT to go looking around the shops, and so she simply continues to use the switch card as normal.
All the housekeeping cash is put in her account as well as her own salary, and yet every single week without fail the account is overdrawn, no matter how often i "settle" up.
i have set up a daily bank balance to be sent to her by text, internet banking on her PC and she simply has no interest in monitoring it.

After 10 years of marraige we NEED to pay off our debts, and having try'd everything to motivate her to take responsibility WITH me, i am now unfortunatley faced with the last remaining option - take full control myself.

What i am looking for is a debit card for her that i can transfer money to by standing order, and she can use as normal - BUT when she has spent up i want it to refuse to allow any more transactions till the account is refunded, without penalty.
In effect like a mobile "pay-as-you-go" phone. No cash- no use.

Is there such a thing? if so where?

Caped_Avenger

To the best of my knowledge, you're struggling. I'd certainly recommend setting up a sole account in each name, having credits come into your own account, then you can send money to her as and when, as you've already mentioned.

As far as a debit card that won't allow you to go overdrawn, you're struggling. Switch Solo & Visa Electron won't allow you to exceed your overdraft facility, to the best of my knowledge (and i'm happy to be proved wrong here).

The problem is with ATMs. If you have an account, say, with a £50 overdraft limit on it, and the account is £48 in debit (therefore £2 away from its limit), and you go to an ATM and request £10 cash, the bank will allow you to make that withdrawal, as they have to allow you access to the £2, and you can't make a withdrawal of just £2 from an ATM, it has to allow the £10, which would obviously take you overlimit. This is how all banks that i've dealt with operate, but some may be different.

One thing that may be worth a try, but is probably a ong shot is to ask the bank to reduce the daily ATM limit to zero. Each card has a figure assigned to it (typically £300-£500) which is the maximum you can withdraw using that card in any one day. If the bank would allow your wife to reduce her daily limit to £0, it wouldn't allow ATM withdrawals. I'm skeptical as to whether they'd be willing/able to do this though. Another problem it introduces (if it is possible) is it would preent your wife from withdrawing cash in an emergency.

Magentasue

My son has an account with a Solo card, he got the account when he was 16 so it was all that he was offered. As far as I know, you can't overdraw with it, a few places won't accept Solo and Electron cards because they don't have the technology that checks every transaction.

Not certain that this would be suitable for you but maybe worth considering. When we hit rock bottom, I took over the finances and OH only had cash that I gave him. When things got better he chose not to have access to our accounts and leaves all spending to me! He's got used to it and doesn't want the responsibility of budgeting so there is hope.

grumbler

Yes, as above, but in a few words:

Solo or Visa-electron debit card with zero overdraft limit. Almost all banks offer some kind of basic account with such cards, although some basic accounts come only with a cash card, Nationwide for example.

rockrat

thanks avenger.
we have one joint account and then each have a sole account already as you propose. its her sole account that constantly is overdrawn. i made a mistake some months ago and requested the bank REMOVE her overdraft , thinking this would mean she would not be allowed to go overdrawn. I learnt the hard way that all it it meant was she could still spend more than was in the account, and the bank would just fine us for it sooner!!

NOTE
speaking with our bank - first direct - they offer no such product and cannot see a need for one. i think they are being irresponsible here. somebody is genuinly looking to control their debt here and they choose to ignore it. i have to admit its the first time i have had a negative word to say about first direct so far.

i will look into the electron thing. never heard of it myself, do all the supermarkets, petrol stations etc accept it?

thanka all

Magentasue

As far as I know, supermarkets accept Electron/Solo but our Asda petrol station (card only) doesn't. Have a feeling that Aldi might not but not sure. My son is changing his account so he can buy train tickets by card - the station won't accept Solo.

That said, he hasn't had major problems, most places accept his card athough he doesn't drive and I imagine his shopping habits are different to your wife's! I think Solo is more widely accepted, haven't got evidence for this but I've seen more 'Sorry, we do not accept Electron cards' more often than those mentioning Solo or both.

Best thing would be to ask at the shops your wife uses, worth a few phone calls to check out.

HTH

rockrat

thanks "M"
so looking into this further - the question to be asked is
solo or electron? which is more wideley accepted? anyone else know

PeeWee

Electron is more widley accepted, look into the Co op cashminder, it offeres electron with online banking SO and DD. you get no credit facilities and they have a pretty good service

Caped_Avenger

rockrat - Check your PMs.

grumbler

For other banks offering Solo or Visa electron see:
Electron Card Information & Discussion: (Merged Threads)
Whats the Solo Card about? Do all banks offer it?
Which Bank has a switch or solo debit card ?
solo / electron card?

weedav

Hi,

I transfer "spending money" every month into a Visa Electron account with no overdraft. My account is with Halifax - it's just a cashcard account.

I cannot withdraw cash when my funds are less that £10 - and I cannot "swipe" in a shop when my funds are less than £5. If I need that cash I have to go to the bank!

I find it very handy - it's really helped me keep my spending under control. When I was a student I only had a switch card and I used to go over my overdraft limit every month.