Description of service
This is a review and overview of how a large bank handles overdrafts and how that effects my family and personal finances.
Review of Service
The overdraft fee at my particular bank is awful. It is thirty dollars each time there is an overdraft, and at times the overdraft has been a mere cents! I had a thirty-dollar doughnut last month and my wife about killed me. We even have a savings account that is attached to the checking, but when they have to transfer money from one account to the other, it costs eight dollars. We are careful, and the occasional overdraft is rare, but still, if I am lacking a few cents taking thirty more from me isn’t helping the situation and is not instilling customer loyalty. Unfortunately, I think we stay with the bank because of the incredible hassle of trying to move every piece of the account (so many automatic bill payments!) to another bank.
Tips
Even though they tack on an eight dollar fee when moving money from my savings to the checking account, I'm glad we have it set up that way. It's still less than the overdraft fee.
If you aren't good at keeping even a loose budget, setting up automatic bill payments is asking for trouble. Know your limitations going in!
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