Overdraft fees eat away at your bank account balance by charging you a fee when you withdrawmore money than you have in your account. The fee can cost upwards of $35 each time you overdraft, which can add up.
However, overdraft fees can be avoided with a few easy steps.
Look for an account that doesn’t charge overdraft fees. That can save you significant amounts of money in the long run.
Another option is to opt out of the automatic overdraft option with your account. This is also something to explore when signing up for a new account.
You can also setup mobile app alerts on your banking app or make it a practice to frequently check your account balance. Alerts can protect you from overdraft fees by making sure you’re only spending the money that you have in your account.
Request a refund
If you’ve already been charged an overdraft fee, you can call your bank to see if they will refund the charge. In some instances, you may be able to get the fee removed, so it’s worth the ask!
A better option
Getting ahead of overdraft fees is easy with Fair, a neobank and wealth building platform that doesn’t have hidden fees. We work to ensure that our members are only spending the money that they have available and to prevent overdrafts whenever it is possible.
Some people spend hundreds in bank fees every year. Fair members can join for FREE—which means keeping more of their hard-earned money and never paying a hidden fee again.
Go here to learn more.