Yahoo Finance has an article courtesy of Smart Money describing five sneaky overdraft traps that banks use on customers.
Times are tough for banks right now, so they’ll do anything to increase revenue, and bank fees are the easiest way to fatten their bottom line. According to the article, banks collected over $17.5 billion dollars in overdraft fees last year! That’s sick. It’s money thrown down the toilet on unnecessary bank fees. I have never paid an overdraft fee in my life. I’ve had it happen to me before. One time, I had three overdraft fees all at once, because of one of the traps that I will discuss later on. I just call up the Bank of America customer service, and they always end up taking off the fees. It pays to have an account with one bank for eight years.