Share Beware of Banking Fees Review
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What is misleading about the term "overdraft protection"?
Overdraft protection does not mean you will not be charged a fee if you overdraft.
True of False. Once you are signed up for overdraft protection, you cannot opt out.
False
What are some things you can do to avoid overdraft fees?
Keep a register, set up account alerts.
What is a "low balance" alert?
The bank sends you an alert whenever your account drops below a certain dollar amount, that you set.
What is a "mobile deposit" alert?
The bank sends you an alert when you set up a mobile deposit for your account.
What is an "unusual activity" alert?
The bank sends you an alert whenever you have unusual activity on your account.
While low balance alert, mobile deposit alert, and unusual activity alert are all important, which one do you think would benefit you the most?
Answers will vary.
What is an overdraft fee?
A fee for withdrawing more money than you have in your account.
Tori has $75 in her checking account and swipes her debit card for a $90 purchase at Target. She has overdraft protection. What most likely happens?
Her purchase is approved, and she pays an overdraft fee of some sort.
Why is it a good idea to set up mobile alerts for your checking account?
The warnings might alert you in time to prevent your making costly mistakes
