Overdrafts and Overdraft Fees

Many individuals don’t consider the overdraft on their bank accounts a form of debt, even if the total amount accessible is significant. Many see it as a monthly cushion that protects from insufficient funds or bounced cheques. Sure, these funds do come in handy if money is tight once and a while, but if you are constantly dipping into these accounts, or living in them completely, you really need to start thinking about how this is effecting your overall debt load.

One of the worst things about using overdraft is the fees associated with it. Many banks charge overdraft fees that can quickly add up. For example, some banks will charge overdraft fees for each individual use. This means that every time you use your debit card when it is in overdraft, you are charged an overdraft fee. Sure, you may not notice these expensive overdraft fees but they can quickly add up, making it even more difficult to get out of debt. For example, if your bank charges overdraft fees of $5 per use, using your debit card regularly will cost you a great deal in the long run. Other banks can charge interest on the amount your account is in overdraft which can be very high, 20%+ in some cases.

Should you get rid of your overdraft in order to avoid overdraft fees? There are many things to consider, but if you are finding it increasingly difficult to maintain a positive balance in your account, overdraft fees may be to blame, and getting rid of the overdraft may be the best solution. If you can maintain a budget that does not rely on overdraft, keeping it may not be harmful. However, if you are using overdraft all the time and find yourself paying for it, it might be a smart idea to get rid of it, lowering it as you pay it off.
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If you are dealing with a lot of personal debt, overdraft and overdraft fees are often small but significant factors that can be dealt with relatively easily. Talk to your bank to find out your options as far as changing those overdraft fees or lowering the total amount of overdraft that you have access to.