TrueFees, Sep 3, 2019
Being nickeled and dimed with incidental charges by your bank can be frustrating. In addition to those small fees being hit with high overdraft fees is even worse.
According to Business Insider small fees and overdraft charges are 2 of the top 5 things causing customers to switch banks in the U.S.
Stay on top of costly mishaps by trying these three strategies.
Know your overdraft options
Chances are you use a debit card for most of your everyday banking needs. Did you know that debit card purchases lead to more overdrafts than any other type of transaction?
Knowing whether or not you are opted-in or opted-out of overdraft coverage at your bank is important.
You can actually limit overdraft fees you pay by opting-out of coverage. Opting-out of an overdraft program means your financial institution will not allow small debit card purchases that cause big overdraft fees. Just keep in mind that your purchase will be declined at the store.
If you choose to opt-in your bank will allow those debit card purchases to go through, and then hit you with numerous overdrafts fees.
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