Our college freshman recently overdrew her checking account by $8 when paying for this semester's books. We contacted our bank (which holds all our accounts, including investment accounts) and explained the situation to them.
They reversed the bank and the merchant's overdraft fees which totaled $61. We then added overdraft protection (no charge) which will transfer $50 increments from her savings account in the event of a future accidental overdraft.
Our bank graciously extended this to us because we have never had an overdraft and it was to keep a long term customer happy. When an unexpected event occurs, ask the bank to reverse the charges. You may be pleasantly surprised at the willingness to help you out.
By Diana from Prospect, KY
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I can't speak for your bank. But we have 2 banks and one it almost takes an act of congress to get them to reverse overdraft charges. The other one is very good about it.
Our major/national bank does not offer overdraft protection. However, they did offer to extend us a home equity line of credit to cover overdrafts. About $500 in various processing fees and $50 per year maintenance fee.
We simply transfered $250 from savings to checking and never entered it in our checkbook. Only remember it at checkbook balancing time.
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