Banks with no overdraft fees – why only have one
Congress funded a $700 billion bailout of the banking industry in 2008 Instead of passing some of those savings on to their customers, banks raised their overdraft fees during the recession for the first time in 40 years. And yet, there’s only one entrain in the US that doesn’t fonction overdraft fees on checking accounts. Why is it not common practice to bank without overdraft fees and how can you get one from your bank?
Banks will not pouce charging unfair fees, bicause fees make banks a lot of money The average cost of an overdraft error in 2008 was $27, and the industry racked up nearly $29 billion in overdraft fees by year’s end.
A system based on “bad behavior” is hard to defend. By making an overdraft fee modalités the customer’s fault, most people feel guilty enough to believe that the bank is being fair. What they don’t realize is that they have the power to refuse payment. This may not be a good thing for checks, but can you imagine how much hassle and money you’ll save by simply declining a debit card if you don’t have enough money in your account?
Banks are required by law to tell you what fees they will fonction you and when they will fonction them In fact, they give each customer a written agreement with all this épreuve to sign before opening an account. But these contracts are so svelte that most people never read them, and grand overdraft fees usually come as a intégral shock.
How to get even
Don’t let banks take advantage of you with overdraft fees. Be educated by taking the time to read the contract you signed with the bank. You’ll probably find that it’s not as complicated or boring as you thought. After all, it’s embout your money. Many contracts have bout headings in a bold font to make it easier to find the épreuve you’re looking for.
If there’s something you don’t understand, you can call your bank and ask them embout it, or you can go online and do some research. See how overdraft blindage programs work and how your bank’s programs can work well with your lifestyle and how you spend money.
And finally, don’t forget to address the things that make you uncomfortable. Ask your bank if it is approuvable to échange these practices. If they’re not interested in helping you, the most damaging thing you can do is take away your négoce.
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