the Price of Overdraft Fees

I regularly use a national bank with a branch office in London, KY. I have used this bank for over four (4) years. I had several automatic payments set up to be paid by the bank by electronic check including my mortgage payment and car payment. While I was on vacation in Florida, my bank paid both my mortgage payment and my car payment one (1) full week in advance of the scheduled date. I was charged an overdraft fee of $34.00 for each overdraft plus the checks were returned to the vendors which cost me an additonal $25.00 each. When asked, the lady at the bank told me that they have five (5) days to deliver the payment so I should have just planned ahead.

I felt like the cost of this service was excessive. I have checked around and many of the other local banks charge much less for these fees. Also, while shopping around I discovered that many banks offer overdraft services with just a small fee to pull the money out of savings if you overdraw. I was also very disappointed in the service I received from my bank representative.

Before opening an account check around at local banks to ensure you are receiving the best services available. Also, be sure to find out the cost of overdraft fees in advance. Hopefully, you won't ever have an overdraft but if you do, at least you won't be surprised like I was.