There have been numerous complaints, from bank customers and credit union members around the country, about illegal overdraft fees. Numerous legal proceedings have been filed against financial institutions – some of them are major class action suits with hundreds of plaintiffs. While Shamis & Gentile, P.A. are experienced overdraft attorneys and will gladly handle your case against any credit union or bank charging you too much for going into the red, we can also help you to avoid incurring these charges in the first place. Here’s an essential guide to avoiding overdraft fees.
Watch your account balances carefully
Use your mobile banking app and text notifications to watch your account closely with each transaction. If you make use of these tools, you are less likely to go into overdraft. You can also set up alerts to let you know when your balance is getting low and you’re in danger of going into overdraft.
Don’t take overdraft protection
Banks and credit unions will almost always offer you an overdraft and it seems like a good idea to take it. However, it’s best to avoid accepting the offer entirely. That way, you can’t go into the red and thus, can’t incur any charges. Rather do without the overdraft and manage your account more carefully.
Cover the overdraft quickly
If you do go into overdraft, you can often avoid the fees by depositing money into the account quickly to boost your balance back into the black. Depending on the bank’s processing schedule and how fast you act, you can stop the overdraft charge before it happens.
Link to another account
You can also link two accounts together so that, if one of them goes into overdraft, funds are automatically transferred from the other to cover it. This can prevent overdraft happening in the first place and thus obviate any fees.
If you feel you have been charged illegal overdraft fees, the best thing to do is to get a good overdraft lawyer on your side. Miami-based law firm Shamis & Gentile, P.A. can help. Contact us to discuss your case.