Search Results for: blog overdraft protection

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 →

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 →

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 →

What Says Stop to You?

Sometimes it can be hard to stop spending. For me, this happens at Christmas time, birthday times, and any other time when I have a real excuse to spend money. Once I get into the swing of spending, it is hard to stop. But stop I must, or my budget will be in serious trouble. One of the things that says stop to me is my budget. I have it automatically tally up where I am in relation to my income, and when the two approach, I know that I need to stop spending. However, having a credit card feels … Continue reading →

Keep The Change

When I was in my early 20s I worked for Wells Fargo bank. I spent about four years there and started my tenure in 24-hour customer service. It never ceased to amaze me how many of our customers didn’t track their purchases or even attempt to balance their accounts. When the accounts would overdraft, the customers were certain it had to be the bank’s error. A practice that I heard about frequently and could not understand was when customers would round up the dollar amount in the register instead of logging in the actual transaction amount. The customers were convinced … Continue reading →

A Review of “Maxed Out”

I recently watch the documentary “Maxed Out.” It takes a look at the banking industry, and the loan industry and they ways that they view their customers. It takes an inside look at debt collectors as well. Dave Ramsey also had a brief appearance in the film. Overall, I did not feel as though I learned anything new from this documentary. However, that is because I used to work at a bank, and I understand that banks are a business that is looking to profit off of its customers. The focus of the documentary was really on how others were … Continue reading →

Balance Your Checkbook and Save Money

You can save money by balancing your checkbook every month and keeping a running total. The Center for Responsible Lending has just issued a new report “Out of Balance” warning against the high interest rates that the banks are charging to cover your items if you overdraw. The report speaks out against what it calls unfair banking practices that can cause the customers to accumulate more fees. The Center for Responsible Lending is supporting bill HR 946, which would put overdraft loans under the jurisdiction of the Truth-in-Lending Act. This could mean that the banks must notify you if you … Continue reading →