I have the exact same thing set up for my bank accounts as well as my CCs.
Any charge comes in above a certain limit I set and I get an SMS telling me about it. I have to admit, I have yet to see such a text message alert me to a bogus charge without my bank’s fraud protection also kicking in and sending me a text, calling me on my phone, and alerting me through their app. It’s all a bit involved, but when it comes to fraudulent charges, I admit I’d rather be safe than sorry. As a Cal faculty member, I was also fortunate enough to be exposed thanks to UC’s stupidity such that my SSN, DOB, email, phone, and postal address all got leaked to the dark web not long ago. I know by now I cannot afford to take these things lightly. It’s a mess, but on the positive side it serves to me as a strong reminder how serious we should be taking privacy and financial security measures.
Thanks also @Shamino for that mention of daily checks. I thought I might be the only one who’s anal enough to check his bank and CC accounts daily (after getting up at 5am and making coffee, usually one of the first things I do). It’s a drag and at times I wonder if it’s a bit neurotic, but at least it’s nice knowing that I’m not the only one who spends 10 min of his day trying to make sure I haven’t just become another fraud victim.
We have the same for anything over $200. I have a feeling the banks down here (Australia) do it by default. They’re also fairly good with suspicious or unusual transactions and they’ll call you to confirm their legitimacy. Once my card was suspended until they could confirm a purchase - another good reason to carry multiple cards.
Quicken Deluxe updates its records regularly, so you can use it to check all your bank accounts, credit cards, investments and Paypal account. They don’t get my bank information instantly, but it’s easier than having to check everyplace separately. I also watch for payments from people who pay me, e.g., clients for whom I work, a self-published book on Amazon, and eBay sales.
I think by this reasoning, Apple should stop selling products altogether, because people who can’t afford to will buy them and get themselves into financial trouble.
Certainly some people make poor decisions. That’s not a reason to deprive them of options. More options allows the possibility of better decisions, even if some people have lessons to learn.
