Your Checking Account; Watch Those Expensive Overdraft Charges
Tuesday, April 14th, 2009
Boca Raton, FL – Have you ever viewed your bank statement and felt like screaming at the top of your lungs? Do you feel like you’re throwing money out the window? Many people including yours truly, have experienced this annoyance known as bank overdraft charges. Maybe you purchased an item for $197.99 and you’ve $197.85 in your current account. Congratulations, you’ve mastered the art of bouncing a check! Most banks will charge you anywhere from $30 – $36, for being short 14 cents. This has probably affected almost all consumers at a time or another.
According to a recent National Public Radio (NPR) radio story by Chris Arnold, banks have always explored new ways to extract money from their customers. Almost all banks have adopted the policy of cashing your biggest checks/purchases such as mortgage or car payments first before your smaller checks/purchases. Here is a direct quote from a local bank’s policy statement; policy “ When processing withdrawals from your account, such as those made through checks, in-person withdrawals, Automated Teller Machines (ATM), point of sale (POS), or by any other electronic means, it’s our policy to pay the largest item first. (more…)
