Turn off overdraft protection
A story in yesterday’s NPR Marketplace claims that banks are racheting up debit card fees to make up for lost revenue from credit card fees. Among the big fee generators is overdraft protection, something that comes enabled for most new checking acocunts and generates about $38 Billion a year for banks. The story also claims that many banks do not allow you to turn off overdraft protection. According to Chase’s checking account disclosure, you CAN turn it off but you must visit a branch or put the request in writing. Our most important tip to Chase customers is TURN OFF AUTOMATIC OVERDRAFT PROTECTION! It will bit you sooner or later.
Fees & charges | admin September 22, 2009
