the Price of Overdraft Fees

The overdraft fees at my current bank are $32.00 per item overdrafted. In the past, I have paid as little as $29.00, but I believe this is a fair current rate. My bank will actually let most checks clear, and then asses the fee, so at least I avoid having a bunch of returned check fees as well. I am then given as much as 48 hours to replace the funds without getting further penalized.

I actually feel that my bank has a very fair policy as far as overdraft fees are considered. This is obviously a service that you would like to avoid using altogether, but I am glad that my bank offers it, as I have had the issue come up a couple of times.

When looking at overdraft fees, consider if the bank will actually let the item clear, and then charge the overdraft fees. If so, at least you are not also hit with the charge from the bank for a returned item, as well as a charge from the retailer. This can really add up. My bank also calls me when my account is going to be charged overdraft fees and gives me the business day to replace the funds. This is a great added on benefit and very much worth the $32.00 charge.