Take a look at the pros and cons and alternatives of overdrafts.
- It's the Holidays, and the temptation to spend is huge.…And that's okay.…Just try not to overspend.…In fact, make a budget of how much you can spend,…and plan your spending around that limit.…Because if you don't, they'll be a lot of bankers…rubbing their hands together,…waiting to charge you fees on your overspending.…Banks make a lot of money from fees.…A big one is the Overdraft Fee:…These are the fines that banks charge when you spend…more money than what you have in your account.…Not only do they charge you a fee,…but they can also charge interest…on the money they lend you, to cover what you overspent.…
Overdraft fees alone, generate…27 Billion Dollars in revenue for US banks,…and bank fees have risen 21% over the past five years.…So don't expect fees to go away anytime soon.…So here's a few tips to keep you…from getting stung by fees this holiday season:…Think about opting out of overdraft protection.…Overdraft protection may sound like a great idea,…but the fees you pay can be astronomical.…Your banks can even reorder…
Skill Level Intermediate
Financial Wellness for Couples and Familieswith Amanda Clayman1h 7m Appropriate for all
Personal Finance Tips and Trickswith Jane Barratt2h 58m Appropriate for all
New This Week
Your Money Management
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