Online Financial Tips

No, no, no I thought that check/charge already posted to my account, this is what most people say when they see that overdraft fee hit their account. In this situation fingers start pointing and there’s always two wrongs and two rights. I’m going to explain the rights and wrongs then give you the answer to overdraft protection and how you can ultimately prevent yourself from having these charges.

I read an article in The Washington Post ” Overdraft Protection’ Is anything but” by Michelle Singletary and I thought it was very fascinating. During this recession financial institutions was largely over look on how they prey on the carelessness of there customers. But is it there fault or do there customers need to be more responsible. No, maybe it’s the banks posting procedures that are just so confusing that made you think you had enough money in your account.

There it goes the finger pointing — the bank says you need to be more responsible and you say “I don’t understand your posting procedures”. Check this out, debit card use has grown from 1 percent 15 years ago to about 50 percent according to the Towergroup. To put the icing on the cake the bank allows you to purchase something with your Debit card but as credit even those you don’t have sufficient funds in your account.

The real question is how can you stop insufficient funds from being charged your account. Now, the bank offers overdraft protection, but is it really overdraft protection. They say if you have enough money in your savings we’ll take money from your savings then charge you a transfer fee. What type of protection is that, I’ll let you decide. What if you have no saving where’s the protection. The real protection lies in you, banks are not all bad in fact there more good then bad when your account has 5, 6, or even 7 figures. You see that the real protection having more money.

In conclusion we all despise insufficient funds fees, but there going to be there. The one thing you can control is the number in your bank account. Use your time more wisely and stop wasting it on the phone with the bank. Start using your time to add to that number in your bank account. Let me help you get started.

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