From the kind folks over at Cambridge Credit Counseling comes this warning and advice about overdraft fees.
“At one time or another, you may have had the misfortune of over-drafting your bank account. An overdraft occurs when you make a purchase or ATM transaction but don’t have enough money in your bank account to cover it. For a fee, anywhere between $25 and $35, your bank will cover the transaction. That’s a pretty high price, and one that can be triggered several times a day if you attempt to make multiple transactions with an insufficient balance. In July 2010, the Federal Reserve implemented rules that were supposed to reduce the number and severity of bank overdrafts. However, two years later, not much has changed. In fact, things may be getting worse.”
Kudos to Thom Fox over at Cambridge from providing some great advice for people, yet again.
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