I made an error and my checking account became overdrawn by $6.60. I was charged a fee of $36.00 then a fee of $8.00 each day until I deposited into my account. I can't believe that is legal.
Untitled
Some state laws can address what fees are allowable. In most cases though, laws address when a fee may be charged and how it has to be disclosed, not the amount of the fee. One potential solution here is to call your bank. If your account is in good standing, they may well waive that fee for you, in whole or in part. Then you have to decide how to avoid this in the future.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Some state laws can address what fees are allowable. In most cases though, laws address when a fee may be charged and how it has to be disclosed, not the amount of the fee. One potential solution here is to call your bank. If your account is in good standing, they may well waive that fee for you, in whole or in part. Then you have to decide how to avoid this in the future.
