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Stop paying bank fees

Stop Paying Unnecessary Bank Fees

Have you ever had difficulty remember exactly how much money was in your bank account? Were you ever checking out at a store mentally tallying up everything in your basket, trying to figure out if you have enough in your account? Inserting your credit card, heart-racing, hoping the card is not declined? Feeling a sense of relief when the transaction goes through? This was how the majority of my transactions went the first 5 years that I had a debit card.

Did you ever deposit a check and notice a portion of your money automatically taken out of your account? Chances are you were paying an overdraft fee.

I got my first bank account when I has 16 years old and worked a part-time job in the evenings. It was so difficult to keep track of how much money was in the account, especially towards the end of the month. Occasionally I would go over what I had in my account by even a few cents and would find $25-$35 missing from my account when I later deposited money. This, I found out the hard way, was an overdraft fee.

According to the New York Times, in 2019 banks took $11.68 billion in overdraft fees from customers. 84 percent of the overdraft fees were paid by customers who held less than $350 in their account. As someone who has paid their fair share overdraft fees, I want to help you stop paying this unnecessary fee, for something intangible, useless and easily avoidable.

If you are paying these fees here are my tips for avoiding them.

1) Sign up with a bank that does NOT have overdraft fees! There are a number of banks available will not charge you overdraft fees or hidden fees. Subscribe here to get a list of banks with no hidden fees or overdraft fees.

2) If you are happy with the bank you currently have and do not want to switch, yet are tired of paying overdraft fees, most banks allow you to opt out of the overdraft service. Turning off the services means your bank will not allow you to make purchases if you do not have money in your account. Meaning you can avoid overdraft fees!

3) If you do neither of the above and receive another overdraft fee, always contact your bank and ask to have it removed. Sometimes the fee will be removed if you explain the situation. Just remember to always be kind and calm to your service representative as they are not the ones charging you this fee J

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