Comments on: 10 Tips for Avoiding Overdraft Fees

By: Market Maker

Market Maker — Fri, 09 Sep 2011 01:37:39 +0000

Point one is probably the most important point. If you keep your checkbook balanced it’s going to be hard for you to be charged overdraft fees.

By: Susan

Susan — Thu, 01 Sep 2011 10:37:26 +0000

For very limited time, JPM Chase waived its overdraft fees, out-of-network ATM fees, early withdrawal fees on CDs, and late payment fees for customers in NH, ME, VT, MA, RI, CT, NY, NJ, DE, PA, MD, NC, and VA through Sunday September 4, 2011 due to Hurricane Irene. Wells Fargo said it waived out-of-network ATM fees and early withdrawal fees on CDs through Friday September 2; but only applies to customers in CT, NJ, and NY. News article said other banks including Bank of America, Capital One, Citibank, PNC, and HSBC would waive fees, credit card late payment fees, lower APR, and make payment plan changes on a case-by-case basis for customers facing hard times with Hurricane Irene or floodings; but, they must contact their local branch for requesting fee waivers and account adjustments.

By: shellye

shellye — Wed, 31 Aug 2011 15:37:20 +0000

Agreed. The #1 tip in this post is to balance your checkbook, but I think the debit card is sending checkbook balancing the way of the dinosaur. People just use their card and assume there is enough money in the account to cover the purchase. Then they call their financial institution and scream “how did this happen?” and “I want that fee refunded NOW!” only to learn that their account didn’t have enough money to cover the transaction in the first place. If they had at least checked their balance online before shopping, they would have avoided the problem.

I answer one of these phone calls at work at least once a day. But I’ll get off my soapbox now… :-)

By: Mark

Mark — Wed, 31 Aug 2011 13:30:12 +0000

What happened to the old fashion way of doing everything online. There won’t be mistakes but I guess the new way is to use paper and a calculator?

By: Ceecee

Ceecee — Wed, 31 Aug 2011 13:15:32 +0000

I am amazed at how many people don’t balance their checkbooks every month. I have found bank mistakes on them. And it is the only way to know if an old check has never cleared. It is easy if you keep up with it every month, not so easy if you only do it a few times a year.

By: Barb Friedberg

Barb Friedberg — Wed, 31 Aug 2011 01:08:45 +0000

Notifications are a wonderful method for reminding you when you’ve crossed a financial threshold.

By: financia at FinancialFreakShow.com

financia at FinancialFreakShow.com — Wed, 09 Sep 2009 18:04:20 +0000

Great post – very good advice!

My checking account recently imploded when my mortgage payment automatic draft was double charged accidently – like you said it can happen to the best of us – whew! that one was a mess!

By: Kristen from FiLife

Kristen from FiLife — Wed, 02 Sep 2009 02:10:36 +0000

Our former editor – who used to write for the Wall Street Journal and now writes for NY Times – recommends avoiding overdraft protection – and at the very least doing your VERY best not to rely on it. Overdraft protection often results in some hefty fees. As you and Dan note – the best way to handle an account is to stay on top of what’s in it.

By: Anca

Anca — Tue, 01 Sep 2009 00:07:14 +0000

I think online banking is the most important tip. Your debit purchases are reflected there very quickly (under 2 hours for one I made today) and instead of writing a check, have your bank do it for you; it’s free and saves you the cost of a stamp/envelope, and it gets deducted right away.

By: Flexo

Flexo — Mon, 31 Aug 2009 19:29:39 +0000

I fully agree with you, Dan, and I appreciate the comment. What you’re saying is similar to the idea that there is only one way to get rich: spend less than you earn. You nailed the overall concept, but there is a big disconnect between knowing a concept and taking steps to ensure you make the best decisions in line with that concept.

The article may be a bit basic, but I know there are visitors to Consumerism Commentary who enjoy or are looking for the basics.

By: Dan

Dan — Mon, 31 Aug 2009 19:12:09 +0000

TBH, this was a rather lame post. When it comes right down to it, there is only one way to get an overdraft fee, and one way to avoid it. Don’t spend more money than you have in your account.

Please shoot for something with a little bit more depth — you’re pretty good at it otherwise.

By: CardMaster

CardMaster — Mon, 31 Aug 2009 17:19:29 +0000

Good tips – I think that the best ways to keep overdraft fees down is to always know how much you’ve got in the bank! I love Mint for that. Also, ING Direct is great at letting you know how much you have and when your recurring payments will go into effect. I haven’t had a single overdraft yet – but I’m the type that checks his account several times a day.