Overdraft fees have a tendency to snowball. It’s not unheard of to see a overdraft in the morning and by days end, have over $100 dollars in charges on a account.
A friend of mine happens to work for a major national bank and had some tips on what to do if you get hit with the snowball effect of overdraft fees.
There is no guarantee that the customer service associate will be able to or be willing to reverse the transactions, but for 3 overdraft fees totaling over $100 dollars, it’s worth a shot. Often times they will not all be reversed but perhaps reduced to a reasonable amount.
Remember banks make large amounts of money from people not standing up to these outrageous fees, but also remember that you should keep a written track of how much money you actually have and actually spent. We can’t rely on a digital balance that may or may not include all of our transactions.
The real lesson is to not let banks take advantage of you. If we are responsible with out money and aware of our funds, we can’t fall victim to these tactics. We can blame the bank for the size of the fees, but we can only blame ourselves for causing the fees.
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