the Price of Overdraft Fees

A local bank in the area provides it customers who has a checking account the option of overdrafting up to $400. With these accounts, they will allow the customer to take it all out at once or as needed; however, for each withdrawal you will be charged a fee of $33.00. There is a catch to this service. Each day that you remain in overdraft you will be charged a fee of $2.00 per day until your account is out of arrears.

The service is a great service, but the fees are outrages. For example, let's say that you needed $50 before payday for gas to make it to work until payday at the end of the week, and today is Tuesday. You will be charged the $50, $33, $8 for the days you had the money. That $50, now has cost you another $41 that you are going to end up needing anyway at the end of the week. This can get very bad for a family living paycheck to paycheck. These are the individuals that end up spending more money because they keep going back for more money incurring more fees.

If you are looking for this service us it wisely. If you overindulge you may lose your overdraft priviledges. Furthermore, find yourself having to borrow money to get back in good standing to get back in order. If you are going to take it out, I suggest taking the full amount out and get only one fee. Better yet, only touch it in cases of emergencies. I only suggest this service for the wise consumer and credit conscious individuals.