Sunday, March 6, 2011

3 OUT OF 4 Americans Signed Up For Overdraft Protection

The bank overdraft fury that wasn't is an article written by the Minneapolis Star Tribune. The article tells us that 3 out of 4 Americans with checking accounts have signed up for over draft protection. They are signing up with the banks saying yes charge me if I over draft. Yes I want this because I can not live on a budget, I can not balance a check book, I may not want to go with out.
What is up with this? Why would you want to pay $25.00 because you over draft your checking account?
I would love to tell these 3 out of 4 Americans .. How about growing up and learning to balance your checking account. Reasoning is suppose to be because they live check to check but if you are giving the bank $25.00 or more in over draft fees you are throwing this money away and will continue to live check to check minus the money you are giving the banks.
The article tells us .. that public fury over the overdraft charges may have been more manufactured than real. People may grumble about the fees, but millions who live paycheck to paycheck rely on overdraft protection as a backstop when their accounts run dry, researchers say.

When we signed up with our bank for a new checking account after moving back to Minnesota we signed a paper saying NO to this over draft protection.
Come on you three out of four.. grow up.. go on cash so you know how much money you really have. If the money is gone you are done for the week or month. Put that $35.00 into your savings account.. do with out that expensive coffee, McDonald's drive through, stay away from the mall for a while. By the end of the year you will have almost $2,000 saved. Now that is the start of real protection as far as I am concerned.
I have been there, done that. I have thrown more money out the window than I want to admit. I have smoked my money away, drank my money away, ate my money away at restaurants and even gambled my money away.
No more thank you very much ...this girl has gotten off the merry go round.
She is living by cash and paying for what she wants or needs that way. If we do not have the money .. so be it.
I say these things because I want my children and grandchildren to learn by my mistakes. I do not want them living on social unsecurity.. SAVE SAVE SAVE.. do with out today so you can live tomorrow like you deserve to live.
thanks for stopping by... lets keep saving together and if you see that penny or nickle on the ground pick it up. If you don't want it send it to me .. I'll take it .... Grace


  1. I am with you accept that for me my checking account is always kept is merely a vessel where my paycheck is cashed and then money is moved to pay bills, other banks/investment funds for savings, etc. The other day there was a bank error with a credit card bill paid online. It double billed me. This has also happened before with restaurants and a debit card. I overdrew. Now of course in this instance denying the charge may have been a good thing, but there might be some instances where something out of your control does turn bad for you if you do not have overdraft protection. Maybe not, but just something to think about. Enjoyed the post!

  2. The over draft protection allows this item to come in and be paid and you get charged the over draft fee.
    With out the over draft in my understanding it would not get paid. It would get denied. You go to the grocery store buy groceries. Spend more than you have it goes through and you get an over draft fee of $25.00 or what ever the bank charges. If you do not have the protection it gets denied. You can not spend the money.