How Do You Avoid Banks Overdraft Protection Fees?
It is reported that most banking customers are enrolled in a bank’s overdraft protection program which is supposed to protect rather than hurt a customer’s interest. Unfortunately, overdraft fee is probably one of the most irritating fees for a lot of consumers. No wonder the Federal Reserve is considering to regulate overdraft the banks’ protection programs. As a customer, what can you do to protect yourself from the exorbitant overdraft protection fee? First, try your company’s credit union (if there is one) or a small local bank. Research indicates that credit unions and small banks charge the lowest fees and require the lowest balances for an account. Second, link two accounts and sign up for transfer between the two accounts. Linking a checking account to a savings account or a credit line will help you minimize the impact of overdraft protection charge because a lot of banks either do not charge or charge a very modest transfer fee between two accounts. Third, set up two checking
