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Protect Yourself from the Bank Bounce Fee Bite
Mary Hunt - Debt-Proof Living

Banks have taken big financial hits over the past year, due in part to the sub-prime mortgage meltdown. Now, they are scrambling to recapture their losses. One of the ways banks are doing this is by charging fees. Most commonly charged are "bounce fees" or "overdraft fees" which are punitive charges to customers when they spend more than they have in their accounts.

It used to be that if you didn't have enough money in your account to cover a check you wrote, an ATM withdrawal or a debit card purchase, the bank would deny payment. Embarrassing, right? These days, banks and credit unions are far more apt to cover you if you overdraw your account, not because they care about you or want to save you the embarrassment of bouncing a check or transaction, but so that they can collect bounce fees.

There are two ways that a bank or credit union will cover your overdraft. Either they will use their money, or they will use your money.

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I have to check my accounts every day. I also try to log my transactions as soon as possible when I purchase anything. I also try to keep a buffer in my checking.