With overdraft and bounced-check fees in the news during the past week as some major banks promoted “loosened policies” in nicking account holders, the federal government offers a recently-issued Protecting Yourself from Overdraft and Bounced-Check Fees --- but a hard copy will cost $1.50, notes Grumpy Editor.
A recent study by the Federal Deposit Insurance Corp. finds consumers in automatic overdraft programs have been getting smacked with fees ranging from $10 to $38 per item. Bounced check fees of $39 to $60 are common.
Using automated teller machines (ATMs) and credit or debit cards --- without keeping precise records of transactions --- are key contributors toward getting slapped with unexpected fees.
So the Federal Citizen Information Center and the Federal Reserve Board are coming to the rescue with information on how to avoid the sly fees that bolster financial institutions’ bottom lines.
The publication also contains budgeting techniques “to keep your checking account in good shape.”
Basic rule: Best way to avoid overdraft and bounced-check fees is to manage your account so you don’t overdraw it.
Cost in requesting the hard copy is $1.50 when payment is by check. It also can be ordered, with credit card handy, by phone at 1-800-FED-INFO.
Better yet, to view the information at no cost, Grumpy Editor suggests going here.
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