Disclaimer: This information is accurate and true to the best of my knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
We have all been there: maybe you had to grab a few extra groceries or you got slightly carried away at the bookstore. Perhaps you had to fill up your gas tank after driving a bit farther than you intended to.
Suddenly, after what seems like endless expenditures for one thing or another, you are hit with that dreaded overdraft fee.
Believe it or not, this is not the way things have to be: you have the choice to opt out of overdraft fees or do business with banks that will not charge you—yes, there are actually banks out there that have your best interest in mind!
1. READ ALL PAPERWORK BEFORE YOU SIGN IT
I get it: it's annoying to read mounds of paperwork—not to mention time-consuming—but you may be opting into overdraft fees by not actually reading the fine print!
Paying overdraft fees is frustrating, expensive, and time-consuming too, so be selective about which institutions you do business with, and which ones you do not.
2. LOOK INTO MOBILE BANKS
There are plenty of mobile banks that decidedly do not charge you an overdraft fee. They're pretty great. Sometimes, you don't even need a minimum deposit to sign up!
Note: Depositing cash is slightly more inconvenient, but still quite doable!
3. KEEP A MINIMUM AMOUNT OF CASH IN YOUR ACCOUNT AT ALL TIMES
I get it: sometimes, you just don't have the extra funds to hold onto, and that is understandable but—if you do have the means to always keep $100-$1000 in your checking account, this can help you avoid overdraft fees and have more control over your finances!
Overdraft fees are the bane of many consumers' existence, but, believe it or not, you have more power than you realize—you can simply choose not to pay them by taking a few extra steps to protect yourself!