| Congress gave the banking industry over $700 billion in | | | | will charge you, and when they will charge them. In |
| bailout funds in 2008. Instead of passing some of that | | | | fact, they give every customer a written agreement |
| savings onto their customers, banks have increased | | | | with all this information to sign before they open an |
| their overdraft fees during a time of recession for the | | | | account. But these agreements are so long that most |
| first time in 40 years. And yet, there is only one place | | | | people never read through them, and large overdraft |
| in the United States that doesn't charge overdraft fees | | | | fees usually come as a total shock. |
| on a checking account. Why is it not common practice | | | | How to get even |
| to bank with no overdraft fees, and how can you get | | | | Don't let banks take advantage of you with overdraft |
| even with your bank? | | | | fees. Get educated by taking the time to read through |
| Profitability | | | | the agreement you've signed with the bank. You'll |
| Banks won't stop charging unfair fees, because fees | | | | probably find that it's not as complicated or as boring |
| make the banks a lot of money. The median cost of | | | | as you thought. After all, it's about your money. Many |
| one overspending mistake was $27 in 2008, and the | | | | agreements have section headings in a bold font to |
| industry raked in about $29 billion in overdraft fees by | | | | make it easier to find the information that you're looking |
| the end of the year. | | | | for. |
| Easy blame | | | | If there's something you don't understand, you can call |
| It's difficult to defend a system based on "bad | | | | your bank and ask them about it, or you can go online |
| behavior." By making an overdraft fee situation the | | | | and do some research. Take a look at how overdraft |
| customer's fault, most people feel guilty enough to | | | | protection programs work and if your bank's program |
| believe that the bank is justified. What they don't | | | | would go well with your lifestyle and how you spend |
| realize is that they have the ability for their payment to | | | | money. |
| be denied. This might not be a good thing for checks, | | | | And finally, be sure to address the things that make |
| but can you imagine how much trouble and money | | | | you uncomfortable. Ask your bank if it's possible to |
| you would save by just having a debit card declined if | | | | change these practices. If they're not interested in |
| you don't have enough money in your account? | | | | helping you, the most hurtful thing you can do is move |
| Technical camouflage | | | | your business. |
| Banks are required by law to tell you what fees they | | | | |