Search Results for: blog overdraft fees

How to Save on Banking Fees

It is a bit of a pet peeve of mine that banks charge so many fees for the privilege of lending out your money. Interest rates on savings accounts don’t justify all of those extra fees for checking accounts, either. Fortunately, there are some ways to get those fees eliminated altogether and save more of your own money. Penalty Fees If you aren’t careful, penalty fees can add up, and in many cases, the interest on those fees compounds, making things even worse. Consider what happens if you find yourself writing a check when your deposit hasn’t been recorded into … Continue reading →

Overdraft Fees

When I was in my early 20s I worked the 24-hour customer service line for a prominent California bank. I got a lot of calls from customers upset because they were overdrawn. A lot of them were overdrawn because of simple oversights and I had so many dollars per customer to satisfy in those situations. All too often, though, customers were failing to reconcile their accounts and it must be the bank’s fault that there was an overdraft and the bank was trying to steal their money through the well-disclosed fees. I’ve watched the fees for overdrafts and returned checks … Continue reading →

Overdraft Protection

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 →

Breaking the Overdraft Cycle

One vicious cycle, which is difficult to break, is the overdraft/overdrawn cycle that can occur once you have overdrawn your account. You may have made an adding error or overspent in a category, and the next thing you know, you have overdrawn your account. You will be hit with overdraft charges, which average about twenty-five dollars per item. Often it takes several days for the notification of this to reach you, and you may be continuing to spend, and racking up many more charges. This can form a vicious cycle, because it will affect the amount that you next have … Continue reading →

Five Signs that You Are Living Beyond Your Means

You could be living beyond your means and not realize it. Why is this a problem? Well, when we live beyond our means, we can quickly run up debt. This debt can snowball until it becomes hard to manage, a real crisis. That is why it is so important to recognize the early warning signs and make the changes that are necessary to get your finances back on track. Sometimes it seems as though you are supporting your lifestyle and don’t have a problem paying for anything. After all, your credit cards aren’t being turned down at the store, and … Continue reading →

Children And Money

When your teenager gets a job it’s a huge step for them towards being an adult. When Hailey was younger I didn’t really teach her about money management because we didn’t have any left over for her to manage. I tried to set a good example. As a single mother many times I lived hand to mouth but I let her know the importance of paying your bills first, taking care of anything that is a true need, saving some for a rainy day, and then, if there is anything left, getting something you want. When Hailey got her first … Continue reading →

Recognize When You Need Help

I was thinking about one of my favorite book series, The Shopaholic books, by Sophie Kinsella. I remember when I started reading the first book, Confessions of a Shopaholic, people would wish me luck. I guess they didn’t realize that it was a novel and not a self-help book. I didn’t have a problem with compulsive shopping and the book was fiction, but there were lessons about how not to live your life in the book. The book introduced us to a very needy person who shops to fill an empty space in her life. Her debt load is incredible. … Continue reading →

The End of Free Checking? – Interview with a Banker

Last week, I had the chance to chat with my anonymous banker friend, and he gave me permission to pass along some very interesting information. Here are his thoughts: Some banks have stopped offering free checking. But why? Is this just a matter of the banks getting greedy and looking for ways to stick it to their customers? Are they trying to make up for money lost from loans gone bad? No. There are many factors, but I’ll try to keep it fairly simple. First of all, banks are in business to make money. Shocking, I know! Even though they … Continue reading →

Keep Your PIN Safe

Back in the early 1990s I worked for a large bank in California. I worked for two and a half years on the bank’s 24-hour customer service line. I’ve written before about working as an Express Agent and the types of calls I would get. I got a lot of calls from people who needed help balancing their accounts. I also got calls from customers who had never balanced and felt it was the bank’s fault they were now being charge non-sufficient funds charges and having transactions returned. I’ve also written about how important it is to save your receipts … Continue reading →