|"I warn you, Sir! The discourtesy of this bank is beyond all limits. One word more and I — I withdraw my overdraft!" ---- Cartoon from Punch Magazine Vol. 152, June 27, 1917 (Photo credit: Wikipedia)|
Imagine this scenario: you’ve been struggling along, waiting for payday. Then, all of the sudden, payday comes, and...you don’t have the money you thought you would. Why? You’ve “overspent” on your debit or credit card, and now you’re being slapped with multiple overdraft fees, which, at the average bank, can total upwards of $30 or more per charge.
Unfortunately, this scenario is all too real for many people, and is the reason they choose to take out a payday advance. Luckily, however, there are easy ways to avoid overdraft fees.
For starters, watch your bank account like a hawk. Almost every bank gives you access to online banking so you can easily keep track of your available balance on a regular basis.
Also, know the order in which your bank processes recent charges. While it may seem unfair, banks sometimes process the most expensive charge last, so even if you had the money at the time you made the purchase, the math may not add up when you check out your bank statement.
Being knowledgeable and alert about your bank account can reduce or eliminate your reliance on loans, but of course, a payday advance will always be there, perfect for those “oops” banking moments, when you need it.