| Paying outrageous bank fees on a monthly basis has | | | | immediately charge a high fee to the customer each |
| become an unpleasant fact for many consumers. | | | | time this occurs. |
| Even people who manage their money carefully can | | | | Even though consumers have become increasingly |
| end up paying at least 1 -2 overdraft fees per month, | | | | aware of and concerned about the overdraft situation, |
| easily running up a few hundred dollars in charges | | | | there has historically been nowhere to run and |
| every few months. | | | | nowhere to hide - short of hiding one's money under a |
| The charging of overdraft fees is big business. Large | | | | mattress. Why? Because almost all of the big banks |
| banks have devised what some people believe are | | | | are doing it. |
| sneaky ways to get customers to pay the fees. For | | | | Fortunately, there are a handful of national banks that |
| example, banks are known to actually re-arrange the | | | | do not charge overdraft fees at all. Here are 3 things |
| order in which purchases made on the same day are | | | | for when searching for banks without overdraft fees: |
| processed: by processing the larger purchases first, an | | | | 1. Make sure the bank has an online sign-up option. |
| account can become overdrawn more easily, after | | | | 2. Select a bank that is FDIC-insured. |
| which time multiple smaller purchases are processed - | | | | 3. Make sure your bank allows you to conduct online |
| thereby over-drawing the account and incurring $35, | | | | banking, including the ability to make balance transfers |
| $70, $105 or more in fees on that day alone. | | | | and check balances online. |
| Another trick: banks will automatically enroll customers | | | | Banks that do not charge overdraft-type fees are still |
| in "overdraft protection" programs. Given their name, | | | | rare, but they are out there and open for business. |
| these programs sound at first like a safe haven for | | | | Most banks prefer to continue to make huge money |
| people who occasionally overdraft their accounts. In | | | | off of their customers in the form of overdraft fees. |
| reality, these programs are merely an excuse for the | | | | It's worth making the effort to find a bank that refuses |
| bank to pay for an overdraft and then turn around and | | | | to charge overdraft fees of any sort. |