Overdraft Protection Plan Fees for Savings Accounts
As a way to simulate signups for overdraft
some banks have been announcing in spring 2010 that they are
reducing the fees imposed for overdrafts, due to start in
August. Fees that are customarily tiered, based both on the number
amount(s) . Even though it is from these fees that banks
and savings institutions derive a significant amount of revenue.
Banks are not allowed to enroll customers
in these plans by their own accord. But rather, customers
Banks that have taken such initiatives toward restructuring
their penalty fees include U.S Bancorp, with a proposed fee
and Bank of America, who plans on altogether removing the
overdraft fee from customer debit card buys (with other connected
details by these companies).
Probably the best cost-free method of maintaining a savings
account however is to keep a tight reign on spending and
maintain an accurate running account balance. Constantly
being aware of
your account against which checks and electronic debits
are issued. While this isn't failsafe, it goes a long
fees. Checking balances from online
is handy for
this, for helping to reconcile balances and keeping them
current and up-to-date.