Debit card limit

egit123

Hello,

I need some advice on how to limit my wife's debit card. We have a join bank account but I would like to put a weekly or monthly limit on her debit card. I spoke with HSBC but they do not offer this type of services. Is there a bank that offer these solution? what options do I have? Forget about speaking with her, I have done it too many times and she does not seem to understand it, so now it is time to take stronger actions.

Many thanks,

egit123

yangptangkipperbang

egit123 wrote: »

she does not seem to understand it, so now it is time to take stronger actions.

........you don't seem to "understand it" either !

A Debit Card gives the holder access to whatever funds are in the account that the card applies to. If your wife has a Debit Card she can spend whatever is in the account.
The only way to limit her spending on the card is to limit the amount in the account - OR, take the card away from her !

grumbler

yangptangkipperbang wrote: »

.
The only way to limit her spending on the card is to limit the amount in the account...

Generally, this doesn't stop her from getting overdrawn.

IIRC, Natwest and RBS offer free 'overdraft control' service that prevents their 'Select' accounts getting overdrawn.

matttye

If it's your money she's spending, maybe a cashcard or a visa electron (can't go overdrawn) will assist, then just limit the amount you put in the account.

If it's her own money, you don't really have a right to do this.

PeacefulWaters

A divorce lawyer may be cheaper.

ArtySparkly

Although we don't have a joint account, my boyfriend finds it hard to keep track of his money so he withdraws all the money he needs each month like rent, petrol and spending money and then transfers the rest into my account so he can't spend it. Maybe this would be a better system for you and your wife.

dartilov

so now it is time to take stronger actions.


Back to the the good old days of handing her cash and saying that is your weekly allowance.

egit123

Many thanks for the suggestions. I will look at opening a second bank account.

egit123

jamesd

Also be aware that because you have a joint account there is a financial association between you, so searches on your own credit record by lenders will show her details to them. This will matter if the joint account goes overdrawn of if she eventually defaults. A joint mortgage or any other joint account will also create a financial association.

One possible approach is to ask the bank to convert the joint account to a sole account, withdrawing yourself from the account. She would then have sole legal responsibility for that account and any borrowing on it. Tell HSBC, in a written letter, that you are doing this because you are not comfortable with the spending practices of the other account user and wish to eliminate your liability for any use of or borrowing on the account. Once you have done this you will no longer have access to the account but can still send money to it like any other account.

If you can remove all financial associations that will remove much of her ability to get credit using your credit record.

Anthorn

Rather a drastic action which will limit all withdrawals and transactions is changing the account to both to sign.

With regard to a joint account I'd love to say I have a red light flashing but I have half a dozen of them flashing: With a joint account you basically don't have sole control over your own money. It's unlikely that you will be able to convert a joint account into two single-holder account but you could split the balance into two new single-holder accounts and then close the joint account. If the bank refuses to do that move to a different bank.

It's very nice when two people get together and merge their finances in a joint account but when the worst comes to the worst that's when the bitter arguments start. Best to not be in that position in the first place.

dzug1

Anthorn wrote: »

Rather a drastic action which will limit all withdrawals and transactions is changing the account to both to sign.

.

which effectively prevents cash withdrawals unless you both go into the branch. No card so no shopping at many places.


you did say drastic......