Reality is that many of us are living from paycheck to paycheck. There is no room for error or unexpected events in many homes throughout our community and the world. So, what happens when you bounce a check or take more money from your account than you have in there? I can tell you what happens, a chain of events that can take months to recover from because the fees and charges become overwhelming. Your "clearance" must have $30.00 skirt, after fees cost you $80.00! It is therefore important to have some ways to avoid these fees altogether.
Here are a few suggestions to stop those overdraft fees!
1. Balance your checkbook so you know your status. Make sure to enter all of your checks and deposits. Don't forget to add your ATM or debt card transactions.
2. Try to pay your bills online or use your bank's bill pay service.
3. If you run out of funds, temporarily, check with your creditors. It may be safer to hold off on paying a bill for a few days (if possible) than to write a bad check. A late bill may result in a fee, but a bad check can result in a fee and ruin your credit standing for a long time
4. Consider obtaining checking account protection. Many banks will offer this for a fee. Ask your bank about their terms and costs, which may be based on the number of overdraft transactions you have, or their amounts.
5. Try keeping a $100.00 or $50.00 "cushion" in your bank at all times. Don't record this money and try to act as if it's not there.
So ladies, stop paying overdraft fees. This is wasted money that we can't afford. Let's make a declaration right here and right now:
NO MORE OVERDRAFTS!
Be Blessed!
I have been with my mom in the bay. The only money I have spent has been on her. I did go to the Walgreens and purchase ice cream $3.99. I don't think that is too bad. I was going to the hospital cafe to eat now I pack a lunch and snack. Even took breakfast the other day when I spent the night. I normally go on strike spending money when things start looking crazy so this is a great idea for me right about now. Thanks, sisters!!
ReplyDeleteOverdraft fees ain't no joke!! I'm going to keep it real...I have had to deal with that too many times regarding some of the very situations outlined in the blog! Sister McKnight I will have to send you a personal email to break some stuff down! lol!
ReplyDeleteNicole, you are not alone. Years ago, I was spending a crazy amount of money on overdraft fees. It's like a little "kept" secret. But I realized that I was wasting money. I was just not taking out time to balance my checkbook and knowing my balance. That was crazy.
ReplyDelete