Overdraft fees eat away at your account balance by charging you a fee when you withdraw more 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.
Getting ahead of overdraft fees
- Google it out (do your research)
Look for an account that doesn’t charge overdraft fees or make sure you opt out of overdraft. These options can save you significant amounts of money in the long run.
- Say “thank you, next” to overdraft (opt out)
Find out how to opt out of automatic overdraft fees at your bank. This is also something to look out for when signing up for a new account— it will save you from spending more than you have.
- Let your phone be your spending sidekick (set up alerts)
Set up mobile app alerts on your banking app or make it a practice to check your account balance frequently. Alerts can protect you from overdraft fees by making sure you’re always in the know with your money.
Ask after you overdraft
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!
Getting ahead of overdraft fees is easy with Fair, a neobank and wealth building platform with no hidden fees. We work to ensure that members are only spending the money that they have available and prevent overdrafts whenever it is possible.
Some of us spend hundreds in bank fees every year. Fair members only spend either $99 for a lifetime membership or $9.99 for a monthly membership— which means keeping more of their hard-earned money and never paying a hidden fee again.
Click here to learn more.