HINTS FROM HELOISE
Dear Readers:
Back at it after the holidays ... did Americans stay financially within their means? Some may not have. In 2019, the big banks charged consumers a whopping $11.5 BILLION in overdraft fees! And 84% of these fees were paid by just 9% of bank customers
— the folks who can least afford it. There’s hope, though. Experts advise getting to know the personnel at your financial institution. If they know you, they are more likely to help you.
These fees are reversible. Ask for help. Ask for a reversal of at least some of the fees, and also do not feel ashamed to say, “Please help me.” More than likely, a personal banker will sit down with you and help you formulate a budget so your money lasts as long as the month.
It’s been suggested that banks should just decline a debit card purchase instead of pushing it through and then charging an overdraft or non-sufficient funds (NSF) fee of anywhere from $35 to $50. — Heloise