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Bank overdraft charge

October 28th, 2009 at 03:02 pm

We hit a new low, and were overdrawn in our checking account yesterday. $30 in charges. Yuck! Fortunately, hubby happened to check before he went somewhere and wrote a check because we were expecting his social security deposit to go thru around the 23rd to 25th, like it always does. Nope! It just went in there last night. He added some cash to get us back in the black, but it was a sick moment. We haven't had money run that close in a long time.

It made me feel extra guilty because I am on a short mini-vacation visiting friends and family. My only cost out of pocket for this trip has been a few dinners out and gas for which I scrimped together cash from my change collected over the past few months and some rebate checks. It's a well-deserved cheap vacation, but it kind of puts a damper on things when you know you're blowing money that really could have been put to better use. I was even ok with the dinner money spent, but mortified at the $14 it cost me to park in a parking garage for 4 hours. I'm sure I could have found a cheaper alternative if I had done a little research ahead of time.

Reading Jennifer's post on the value of "only" $40 got me thinking that for this short vacation I really have gotten a lot of value for the money I spent, so I have to go forward with no regrets and not beat myself up over it. I can't change the past but I can change the future, and the big challenge is figuring out how to proceed to do that. All my ideas are small. Maybe I could cut diet soda and impulse snacks from my grocery list altogether, and possibly save $10 a week. Maybe I could really go on a diet and lose weight, which would make me feel better, which would make me feel more like excercising, which would improve my energy level and my self-esteem and my heart and countless other things. I can't possibly think how that would bring in more money or help cut expenses, but maybe just having more energy will give me the oomph to get selling on ebay again. The possibilities are endless, and I know I just have to take those baby steps.

4 Responses to “Bank overdraft charge”

  1. creditcardfree Says:

    I'd start with exercising...simple walking or videos off youtube or sparkpeople.com. Exercising makes a huge difference in your energy level and mental outlook. Good luck!

  2. CB in the City Says:

    Not long ago I paid $45 in parking in one 24-period to go to a museum, lunch, and dinner. Big city life has its drawbacks.

  3. LuxLiving Says:

    LizaJane do you all have a savings account or Money Market account that your bank could attach to your checking? We have our MM & checking accounts attached/linked both directions - that way if a check comes in on either account that would cause an overdraft they automatically pull the difference from the other account. We've never had it happen at this bank, but it's something that we requested that they do. There was no charge to have it set up.

    At another bank I arranged for overdraft protection. There if I were to have an overdraft they would pay it up to a certain dollar amount and then treat that amount as a loan at a certain percent interest.

    Check with your banker and see what they offer.

  4. fern Says:

    Banks make billions and billions of dollars in lucrative overdraft fees. The amount of the charge has no logical relationship to the action that triggered it.

    The few times I've been stuck with well, not an overdraft fee, but a late payment fee from my credit card issuer (I went on vacation and forgot to pay the bill) i called and argued the fee and got it removed becus i was a "loyal customer." I've done the same when i was charged an ATM fee for having 5, instead of 4, ATM transactions in a month. I mean, i'm saving them money not having to hire so many tellers and they try to nickel and dime me?

    Pisses me off! I would close the account and go with an organization that doesn't pull that s***.

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