Recent Regulations Around Overdraft Fees Mean Savings For The Consumer

01/28/10  ·  2  comment   ·  Print Print

Saving money is always a good idea, but in the current economic climate it is even more important that our money is spent wisely. It seems that recently the Fed has decided to step up to the plate and make it even easier for the ordinary individual to save on their banking accounts.

We all know how hard it is to deal with those overdraft fees. Even on a very small expenditure of just a few dollars an overdraft fee can be as much as $39. That does seem a bit excessive when the consumer is pinching pennies to begin with. New regulations that are scheduled to start July 1, 2010 are aimed at reducing the chances of that happening.

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5 Ways to Avoid Nasty Bank Overdraft Fees

01/28/10  ·  2  comment   ·  Print Print

The assessment of fees, such as overdraft fees, is one way a bank profits from its account holders. An overdraft occurs when you write a check or swipe your debit card to make a purchase in excess of the amount you have in your account. When this happens, the bank will still allow the transaction to take place, even though you have insufficient funds to cover it. However, you then owe that money to the bank, and they additionally will assess you with a fee for insuring that your payment did not bounce.

Here are five ways to avoid overdrawing your account and incurring these fees:

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9 Tips For Avoiding Overdraft Fees

01/27/10  ·  2  comment   ·  Print Print

Nobody likes to pay overdraft fees. I know I sure don’t. Just when you think you have your finances under control there are some charges added to your bank statement that you were not prepared to pay. Those fees can be huge.

The fact is that if you are consistently being charged with overdraft fees, you have probably not been keeping track of your check writing and are paying whopping fees to make it right. The question is how to avoid overdraft fees.

Here is a list of activities that you can engage in to prevent future overdraft fees.

1.      The number one step that you can take to prevent overdraft fees is to keep track of all checks that you write. Make sure that you enter each transaction into your register as soon as you write them and subtract immediately to get a balance to work with.  Don’t forget about the monthly service charges, they should be subtracted as well.
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Overdraft Fees Are Just Not Fair

01/19/10  ·  2  comment   ·  Print Print

With the economy still sputtering and people still wanting their children to have a joyful and memorable Christmas the phrase  overdraft fees is one that you hear quite often.  These fees don’t just occur during the holiday season.  The fees can sneak up and bite a struggling college student who didn’t have enough time to update their ledger for the week because they were all up night studying.  The student then goes to get a sandwich at the student union and then get hit with overdraft fees simply because they wanted to be able to eat and not suffer from hunger as they were taking a test.  I find such fees on a student to be outrageous.  The bank can end up charging the student an extra fifty to one hundred dollars a month over a sandwich.  Are the people who makes these corporate regulations really thinking about the poor and the middle class?  You decide for yourself.  The point is for you to educate yourself before you get one of these cards and to not let people take advantage of you.

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