Paycheck Chronicles

Outrageous Overdraft Fees

If you've been reading for a while, you have probably noticed that I'm a huge fan of Navy Federal Credit Union, USAA, and Pentagon Federal Credit Union.  They have always provided good service without any crazy fees and I appreciate it.

Perhaps living in this world of outstanding banking organizations has made me lose a little bit of touch with reality, because I was truly astonished when I read this article today:  Banks Can Manipulate Your Transactions, Then Charge You 1750% Overdraft Fees.  When I first read the title, I though to myself, "What?  That is crazy.  What type of whacko, small bank account is pulling this sort of scam on people?"  After I read the piece, I was even more astonished.  These are big banks, and they seem to think that this is a legitimate business practice.

You certainly don't have to use one of the three banks that I prefer, but be sure to shop around and do your research.  There are plenty of fine credit unions, and a few fine banks, that won't use deceptive practices to steal your money from you.

(And set up overdraft protection - it should be free, and it provides good peace of mind.)

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