phyncke

And found it not so special. I was just renewing my ATM card and they had this deal for me. I was in the mood to listen so they gave me this schpiel about overdraft protection. I tell you - this is just a way for the bank to collect a whole lot of transaction fees. I might have been interested if the fee per transaction had been at all reasonable - BUT, get this, the per transaction fee is $35.00. This is not small. I might have been willing to pay $10.00 per thing for that convenience. But honestly - $35.00 per transaction is way too much and if you are going over -- it is not going to be just one item on your account - it will be 3-4 charges and there you go, you are in the hole $140.00 in fees and then the amount of the transactions that you have to cover. You have to immediately cover the balance on your account. This does not seem like protection to me. It is the same if you allow protection from your credit card too - that transaction fee is there as well. I remember that being pretty high too. I declined overdraft and told them I would rather my transaction be declined than pay those kind of fees.

I use common sense as my guide here. I don't pay fees to banks. I don't pay for my accounts, I don't pay transaction fees, I don't believe in paying to use my money. I believe my Dad taught me that. Just makes sense to me. It really burns me to pay fees for anything - late or no. I keep an eye on my online thing there and scan at least once a week (or more) for anything that is not kosher.

Example - tonight I thought I was late on something, called to check and as a courtesy they reversed the late fee for me. I did not ask for it, but she did that for me. But here is my tip to you - if you ask them, they will wipe out fees for you. They really will. I have had bank fees reversed quite a bit. They would much rather keep you as a happy customer than lose you over a fee. Most customer service reps have the power to credit you a fee and enjoy doing it. It is like a gift to you the customer. Sometimes they do this to be nice. I have had this happen a few times. Tonight, I did not ask, she just did it for me.

Anyhoo. A little financial wisdom. Don't pay fees! They do add up.