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Overdrawn with Only Social Security Check Income
I found out that the bank paid four small checks, which totaled $208 dollars, which caused my account to be become overdrawn, but they also charged me a total of $272 for them. I receive a monthly Social Security check. What will they do to me? I can't pay till my next check, and they covered the other checks for me.
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 Contact the bank and explain that you won't have any income until your next check arrives. Given the fee amount and circumstances, it might be worth asking for a partial rebate in light of your limited income, too. Although we will say that $16 per check is a lower than average NSF fee. We assume based on the numbers above you were charged $64 in total fees. Your bank may refund one or two of these if you have a good history with them. They aren't required to, but it won't hurt to ask.
Be sure to reduce the balance in your checkbook to account for the fees, or adjusted fees, if you do get a refund. Then you'll have to stretch your resources for the next month or two until you can get your bank balance back to normal. That's important, so that you can avoid paying unplanned fees for more overdrafts. If you work with the bank to cover your overdraft with your next check, the bank will probably not take any action against you.
Published on BankingQuestions.com 9/24/08
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