Overdraft fees are draining your bank account. According to an article on CNBC’s website, the average overdraft fee is $35.
Since the average person’s debit card transaction hovers around the $20 mark, you end up paying more in fees than the cost of your purchase!
Let’s break down your options on how you can avoid overdraft fees.
An overdraft occurs when you spend more money than you have in your account, whether from writing a check or using your debit card.
If you make several transactions while your balance is negative, then you will be charged a fee on each one.
They charge $34 for each item the bank paid for. They cap the number of charges at three per day, or $102.
They charge $35 per transaction that causes your account to overdraft and limits the charges to three per day.