| Seeing that overdraft charge on your bank statement | | | | about the overdraft fees you are paying. After all, in |
| is never a fun experience. Your bank statement is | | | | some cases you can clearly demonstrate that a |
| already full of withdrawals and fee deductions, so | | | | mistake has been made and that you should get a |
| realizing that you have paid $35, $70, $105 or more to | | | | refund. Still, doing this regularly can get old, given that it |
| your bank in overdraft fees over the past month just | | | | uses up your valuable time. |
| adds to your woes. | | | | 2. Switch to a different bank overdraft protection bank: |
| It gets one thinking, "How much do banks benefit from | | | | Another thing you can do is just to up and leave your |
| overdrafts?" The answer is: a whole lot. In fact, banks | | | | bank in anger. However, in many cases, this is like |
| together make over $30 billion per year in | | | | going from the frying pan to the fire: most national and |
| overdraft-fee-derived profits each year in the U.S. | | | | local banks also have strict (and expensive) fee |
| alone. As you can see, overdraft programs are no | | | | policies. |
| small potatoes for banks. And, they will do what they | | | | 3. Switch to a no-overdraft-fee bank: A third option |
| can to continue to earn these fees from you in the | | | | you have is to find a bank whose policy is to never |
| future, month in and month out. | | | | charge you an overdraft fee - even if you overdraw |
| If you are concerned about banks making money via | | | | the account. These banks will never try to charge you |
| overdraft fees at your expense, here are 3 things you | | | | an overdraft fee. Now, that's refreshing! |
| can do: | | | | Yes, banks do benefit greatly from the overdraft fees |
| 1. Complain to your bank and hope for a refund: There | | | | you pay them each month. Why not stop feeding their |
| is no shame in lodging a complaint with your bank | | | | profits and instead find a better bank? |