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Overwhelmed with Overdraft Fees
In the last four months I have lost somewhere between $4000 to $6000 dollars in overdraft fees. It was my wife's work check that got mixed up and didn't get deposited. We had a lot of bills coming out the same time, so when we went in the hole, the bank never called us. When we deposited checks from work, that didn't even cover it. When we finally got out of the hole, I had payments setup on line that I didn't stop in time, and it threw us back in the hole again. I have read that sometimes they will fix it, but in my case they wouldn't, so $6000 is totally gone. The bank lady got me to the side and said go somewhere else and start over. Can I even write off the loss on my taxes, because I'm never getting it back.
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 It is astounding to hear of $4,000 in overdraft fees in a four month period, both because banks often push accounts with such frequent overdraft activity out the door, and because it's amazing that things could get so far out of line if a customer is paying attention to account activity on a monthly basis. Unless you're talking about a business account, bank fees are not deductible, nor can you classify them as a loss that can be written off. Contact a tax adviser for more specific advice on that question.
Published on BankingQuestions.com 11/25/08
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