Bank Overdraft Fees and How to Avoid Them
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- Опубліковано 8 вер 2024
- The majority of us have experienced being charged an overdraft fee and it is not fun! In this video, I will give you four easy tips to avoid overdraft fees so you can keep your money in your pocket. Start doing a budget with EveryDollar today and take control of your money, its free: goo.gl/TzGsSE
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I used to overdraft all the time but not once since I've been on a budget!!
The budget is honestly the key to financial independence
I talked about how laziness is one of the ways that you waste money. Thanks for sharing!
Also, don't open a saving account. Put all money into just 1 single checking account. Saving pays nothing and no where close to the $30 overdraft fee. Use your credit card and not your check card too.
Having learned how the US banking system works, I have realised that it's sooo backwards. They actually still use cheques in the US! In most of Europe you cannot go overdraft as the bank would just refuse the transaction - at no cost.
I work for a large national bank and I can 100% belive this. I once had a customer that made $8,000 take home pay and couldn't afford his Starbucks because he was overdrawn $2000.
Rachel: honestly you can mitigate your risk of paying an overdraft by : 1) Pay using no checks; reconcile checking account is a pain automate just set an alert when your threshold is below 5% of a x balance 2) opt-out of overdraft that way you do not get a fee and prevents you to overdraft past 0 3) always have a cash cushion in your account of 10-20%
our bank has the option to decline the over draft protection. if we don't have it in the account it won't go through.
@@chriswx5734 Banks are not allowed to do this - it is a violation of Regulation E. They are required, by law, to give ALL of their consumers the option regarding whether or not they want to opt into overdraft protection. If they don't, they open themselves up to a lawsuit.
@@christinedickenson7514 problem is that overdraft protection don't work for online stuff or gas stations
Auto pay is the way I avoid it all together! All my bills come out of a separate checking account and I have the amount of total bills I know will be due that month from all bills directly deposited from my paycheck. Makes life much easier. And anything I write a check for, the money is just in there out of sight out of mind!
Keeping track of everything saves money! GREAT TIPS!
Now that I know this I'm going to check with my banking and see if I have the overdraft protection because Money's been disappearing out of my savings but always have your alerts on any dollar Penny disappears it alerts you
Hey, Rachel! Thanks for all the tips you give and I can't wait to get your new book....AND to see you and your Dad in October in Charlotte!! I'm looking forward to it! Have a great day!! :)
I just avoid cheques as much as possible. Makes things easier. And use online banking.
Do you mean checks?
Tamara Laird ok
thanks for the content. overdraft fees are just outright greed of the banking industry.
wow!!! btw your book promo at the end was clever
Interesting.
Those numbers are shocking. 🙊🙊🙊
I'm one of those lazy people who doesn't reconcile. I do have overdraft protection to my credit card. But I'm also one of those people who abhors paying interest so my credit card is always paid off each month.
when you talk to your bank rep about the overdraft fees they act like its the Immutable Laws of Physics and not some arbitrary punishment to their clients.
And yet people think I'm crazy and they look at me like if I have 2 heads just because I'm an extreme miser
How much of a "buffer" do you recommend keeping in checking? We haven't overdrawn in a long time thankfully (we are learning!), but we've gotten close a few times since we are budgeting every dollar. We've not quite gotten the hang of how much we should have over what we've planned to spend. It's a learning process.
It needs to be no less than $100 dollars a month. You're going to forget about that cell phone bill, nextflix, etc. I have $200 which sits in my account and I have been greatful.
those numbers are insane! Is that 35 billion a year?
Devided by 324 million Americans, _it's not that bad._ *LOL*
She's missing one of the most key components to avoiding overdraft fees which is prepaid debit cards. You should funnel your direct deposit to your prepaid debit card and pay all of your bills through that. It won't go over and there are no overdraft fees please. I have one through Wells Fargo and it's helped tremendously. And I can pay almost everything through that car and anything that I cannot I can write a check or use cash for.
Overdraft fees are not cool this the reason I don’t bank with the big 4 banks. This overdraft fee is just a way to get more money from you by banks
we don't use credit card alot in India some dont have debit cards