Avoid overdrafts!

Your guides warn you about the dangers of overdrafts.

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It’s up you to keep track of all your transactions … whether or not the bank has processed them yet. Otherwise, you could have an overdraft. Image Description

Right! An “overdraft” means spending more money than you have in your account. Banks want to help you manage your money, but when you try to spend money you don’t even have, it’s a serious situation, and you’ll really have to pay for it. Image Description

No joke … there can be serious financial penalties. Many banks charge between $15 and $35 for each overdraft. And some banks will continue to charge you every day until the overdraft and fees are repaid. Image Description

So you could end up paying $50 to $70 dollars if you write a check for even $1 more than you have in your account. It’s just not worth it! Image Description

If you don't have Overdraft Protection (or don't have available funds or credit in your linked accounts), a debit card transaction that exceeds your current checking account balance will be declined.

For more information on Overdraft Regulations, please visit www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm. Click the Next button to take a quick five-question quiz to see what you know about overdrafts – and how to avoid them.

It’s your money Keys to keeping track How to use your transaction register How to read your statement How to reconcile your account Avoid overdrafts! Question 1 Question 2 Question 3 Question 4 Question 5 Mackenzie at the mall