Rossen Reports: How to avoid costly bank overdraft fees
Banks are raking in billions from overdraft fees, but there are simple ways to avoid them and save money.
Banks are raking in billions from overdraft fees, but there are simple ways to avoid them and save money.
Banks are making billions of dollars annually from overdraft fees, with Chase alone earning $1 billion last year.
Wells Fargo and Navy Federal Credit Union are also cashing in, reporting $1 billion and $335 million in overdraft fees, respectively.
To avoid these fees, consider switching to banks that don맥스카지노t charge overdraft fees, such as Ally Bank, Chime, or SoFi.
Another option is to opt out of overdraft protection. While it may result in declined transactions if you overdraw your account, you맥스카지노ll avoid the associated fees.
Setting up balance alerts with your bank is another effective strategy. These alerts notify you when your account balance drops below a certain level to help prevent overdrafts.