Women pay 18% more in bank fees than men per year—here's why. (via CNBCMakeIt)
"The average overdraft fee has risen 50% in the last 20 years, from an average of $20 in 2000 to over $30 today," says Krieg. "This [CFPB review] is in response to previous practices where many banks enrolled customers in overdraft coverage automatically, often without their knowing."
If you're enrolled in this type of coverage, overdraft fees are issued when you overdraw your checking account. Instead of having your debit card declined, or your purchase canceled, your bank covers the difference and then charges you a fee, usually around $30 to $35. When bankscustomers can easily end up with charges they didn't know where coming.
Although the overdraft protection law aims to inhibit this, "many people remain unaware that declining this type of overdraft coverage can help prevent fees, likely because big banks make the opt-in process confusing on purpose," Krieg says.To avoid being surprised by overdraft fees, there are a couple of ways to protect yourself.
First, tell your bank that you'd prefer to decline overdraft coverage. While this might seem like an obvious solution, to many it isn't. As many as 70% of those who overdraft at least threePew Charitable TrustsYou can also look for a bank or checking account that doesn't charge overdraft fees in the first place.
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