Owned By Checking Overdraft Fees
The banks must be loving the bad economy...many more people are overdrawing their checking accounts and the banks are earning money on the juicy profit fees.
Well I wish I could blame my recent overdraft on the economy. But it was 100% based on my ignorance of what a "check card" means. Turns out if you try to make a purchase, it's exactly like writing a check that gets electronically cashed...you won't get denied, even if you can't cover the check.
It's like in that movie blank check...the kid wrote in a check for a million dollars. He could have written a 12 Trillion dollar check if he chose...but it doesn't mean the guy could cover the check.
So my $14, $6, $5 and $2.61 purchases cost me $140 in fees.
Don't be an entrepreNOOB like me...make sure you can cover you checkcard purchases so you don't get owned on fees like me :-D
Well I wish I could blame my recent overdraft on the economy. But it was 100% based on my ignorance of what a "check card" means. Turns out if you try to make a purchase, it's exactly like writing a check that gets electronically cashed...you won't get denied, even if you can't cover the check.
It's like in that movie blank check...the kid wrote in a check for a million dollars. He could have written a 12 Trillion dollar check if he chose...but it doesn't mean the guy could cover the check.
So my $14, $6, $5 and $2.61 purchases cost me $140 in fees.
Don't be an entrepreNOOB like me...make sure you can cover you checkcard purchases so you don't get owned on fees like me :-D
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