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Protect Yourself from Overdraft and NSF Fees

08/22/2016
Protect Yourself from Overdraft and NSF Fees

The nation’s 628 biggest banks made $11.16 billion just from overdraft and non-sufficient funds fees in 2015, the first year they’ve had to share this data publicly.  On average, these two fees amounted to 8% of the banks’ net income and made up almost two-thirds of all service fees charged to consumer bank accounts. The new data were released by the Consumer Financial Protection Bureau.

How to avoid overdraft and NSF fees;

  • Monitor your account balances before making purchases and when bills are scheduled to come out. Use alerts through mobile banking to stay up to date on how much is in your checking account.
  • Link your checking account to a savings account. When necessary, your bank will transfer money from that savings account to cover a purchase.  There’s a fee but it’s much smaller than an overdraft or NSF fee.
  • Resolve the fee quickly before it escalates out of control.  Often times if you are not a habitual offender of overdraft fees and NSF fees, the financial institution will consider refunding some or all of the fee.  Regardless, it is best to resolve the fee quickly to ensure that per diem fees and additional charges are not assessed on your account.

Being a non-profit organization, Riverset does not make money on your fees.  Any fee charged to our membership covers operational costs to keep the credit union running.  Any excess money outside of that is then put back into the organization to improve on our products and services, lower the interest rates on loan products, or increase the return on savings products.  Stop feeding the banks and their shareholders and make the switch to Riverset.

Switch Your Direct Deposit to RCU

Setting up a portion or all of your payroll or Social Security check to be automatically deposited into your Riverset account is simple, saves you time, and is a great way to start saving. Sign up for Direct Deposit and simplify your life! Contact us to learn more.

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I absolutely love the new mobile check deposit option! Brittany, South Side, Pittsburgh