does anyone bank with a bank that doesnt charge u if overdraft?

Question

i bank with WAMU but im constantly spending more than what i have ( i know i should stop but life does sucks when u owe alot) n e wayz, i was wondering if any one knows or if there is a bank that doesnt charge overdraft fee's, or what the lowest they charge. im a studentm so i dunno if that helps.. ( I Live in Southern Cali) thankz

Answer 1

You can set up a small line of credit for overdraft protection. The rate is typically outrageous, probably 15% or so, but it isn't meant to carry balances. That way if you overdraft it will charge to your credit line. Even though the interest rate is awful, you'll never feel a pinch if you pay it off immediately. Say you overdraft $200 and are able to pay it in 5 days, even if the rate were like 25% that would only be:

$200 * .25 * 5/365 = .69

.69 cents in interest. That's obviously much better than a $20 overdraft fee.

Answer 2

Really continually overdrafting your account is bad, but it sounds like you know that. Really your only option would be to get Overdraft Protection tied to something. In your case you probably can't get it tied to a credit card but usually if you have a Savings Account with the same bank you can do that.

What happens is if you do overdraft your account, they will pull it from the savings. Now this is also usually not free, but less than the standard overdraft fee. I beleive that WAMU does provide this option.

If you are a student and your school has a credit union you might want to take a look at their accounts as credit unions tend to have lower fees.

Also, if you owe a lot because of Credit Card Debt you probably should talk to a Non-Profit Credit Counsling agency and start to work your way out of debt.

Answer 3

I am not aware of any bank which doesn't charge you an overdraft fee. You can talk to your bank and see if they have the plan that allows them to transfer money from your savings account into your checking account when you don't have enough funds. There maybe a fee associated with it too, but the fee maybe less than an overdraft charge.

Answer 4

I know exactly how you feel. I bank with WAMU and they do the same thing to me. I cant even begin to tell you how much in overdraft fees i have paid. I strongly believe they make there money on overdraft fees with people like us. Its robbery.

Answer 5

All banks charge overdraft fees. The more often you do it, the more the bank will see you as a risk. The bank my sister works at recently closed the account of a women that regularly over withdrew her account.

Answer 6

Try getting a credit card to cover your overdrafts and only use it for that. You need to set a budget for yourself and stick with it. You are paying so much in overdraft fees that if you stopped paying the extra money you may have enough to pay your bills.

Answer 7

Yes, "Fantasy Land Bank" I believe. No, I hate it too. You should certainly have to pay back what you overdraft, but the fees are outrageous.

Answer 8

Most banks offer overdraft protection where if you overdraw your checking account, they will pull directly from your savings account. But you have to ask them to do it.