Why Overdraft Protection is a Bad Idea

Posted on February 26, 2013 by Mary Ann Romans

If you accidentally write a check when there is not enough money in your account to cover it, overdraft protection can kick in to cover the amount and basically save you from a bounced check. But overdraft protection can be a bad idea, especially when you are being charged a bundle for the service. Of course, you never want to bounce a check, but it makes more sense to skip the bank provided overdraft protection, and instead build in your own system of protection. Why? Well, the fees for overdraft protection are quite steep. Usually, your overdraft is covered by … Continue reading →

Why It Is Important to Read Your Bank Statement

Posted on December 18, 2012 by Families.com

We all know that we should read our bank statements, don’t we? Many of us still don’t take this step, since reviewing bank statements can be boring, tedious or reveal issues that we simply don’t want to deal with. The problem is that there are many financial problems that you may be at risk for, and your bank statement often gives you a warning or even a clear declaration that something is wrong. Make reading your bank statement a regular and protected task, and look for the following signs that something is amiss and needs to be addressed. Paying attention … Continue reading →

Overdraft Protection

Posted on January 25, 2008 by Debbie Vasen

We all make mistakes, so it is important to have protection. When it comes to your bank account, you can easily protect yourself from your mistakes through overdraft protection. Whether it is that quick stop for cash you forgot to write in your checkbook, or the “one” you forgot to carry over on your mortgage check deposit, mistakes happen. Often you don’t discover them until you are in deep water at your bank. Granted your bank isn’t too concerned, they actually profit from your mistakes. Bounced check and overdraft fees can be HUGE and they charge them for each transaction. … Continue reading →

Overdrawn? Now What?

Posted on September 28, 2006 by Miriam Caldwell

It can happen to anyone, suddenly you realize that you have overdrawn your checking account, and you are left wondering what to do. It can be a real shock to realize that you have overdrawn, but then the fees start piling up, and before you know it you are in a very deep hole. If you have overdrawn your account, and it is the first time you have done this, you should go to your bank and ask them to waive the charges. If you are polite about this, (meaning sickeningly sweet) you should be able to have the charges … Continue reading →