Tired of giving the bank all of your money? Money that you do not have. It feels like you just gave the money to the bank as if you got it like that. I know I have given my bank so much money in overdraft fees and then I got smart.
After paying the bank over $1200 in one year of overdraft fees, I finally decided to talk with my bank and figure out what I can do to avoid this. Everybody has paid overdraft fees for whatever reason and with the economy the way it is now, the banks are really racking up.
I found out how the bank gets over. Let's say you have 5 charges pending and $250 in the bank. The largest charge is $200. The bank will send the $200 through first and then each of the others will go through BUT you will have overdraft fees on each of the smaller ones. If your bank charges $35 in overdraft fees, then you just spent an additional $35 on four charges plus the amount of each transaction. Instead of covering each of the smaller charges and just paying $35 for the one larger charge.
This is not against the law for banks to do and they are really racking up in extra fees. It can really take a toll on you too because once you get in this hole, it is so hard to pull yourself out.
Here's what you can do to avoid these charges. Instead of swiping your debit card for each and every LITTLE transaction, only use it to pay bills and carry cash. Yes, go back to the old way of doing business. Take some money out of the bank and spend cash for items such as gas, groceries, and recreation. This will help to keep you from paying those ridiculous overdraft fees. You will be able to keep account of what charges are pending and do not have to worry about those little small charges just sitting out there waiting to clear.
Try it, it works.