Are You Turning Off Overdraft Protection on Your Bank Account?
If you’ve ever had to overspend funds in your bank account, you know how not to deal with overdraft fees. Most banks charge a huge amount if you exceed your available bank balance by even a dollar or two. Most banks also allow you to disable this feature. You?
As Clark Howard explains on his personal finance website, overdraft protection is an add-on service that saves you the “hassle” of having your card rejected at a store. However, the cost of savings is over $ 14 billion per year. The most affected are those who can least afford it . Depending on your circumstances, it might be wiser to turn it off completely.
We want to know what are you doing with overdraft protection? Do you turn it off completely and absorb when your card is rejected? Or do you voluntarily leave the commission in place as a painful reminder to keep from dropping below your balance? Or have you, like me, not suspected for a long time that banks even allow you to disable overdraft protection? Let us know your opinion.
Banks Collect $ 14 Billion From This Commission (But You Can’t Pay It) | Clark Howard