Banks, Overdrafts, Chexsystems, There Is An Alternative

You’ve just gotten home from work and you’re going through the day’s mail just before dinner. There’s a letter from your bank. You know what it is before you open it because you recognize the packaging, it’s oh so familiar. Your bank is writing to inform you that your account is overdrawn and of the fees assessed. There’s more…

There’s a second letter, also from your bank. This one states the fact that due to unpaid fees and a “lingering” negative balance your account has been closed and your name and account info have been reported to Chexsystems.

Overdraft Item fees are usually charged when a customer writes a check or makes a withdrawal of some sort (most times with ATM, debit or check cards) that exceeds the balance in the their checking or savings account. Overdrafts could occur for any number of reasons.  (more…)