Modern banks are all about convenience, claiming to make it easier than ever to manage your money. But one of those common convenient features is overdraft protection.
It sounds great, but it’s usually not free. The fee, which can easily hit $30, is incurred each time you swipe your debit card and the bank moves money from your savings to cover your purchase. You could easily go an entire day, completing errands as you go, without realizing you’re racking up fee after fee.
But instead of relying on this expensive “protection,” opt out of overdraft protection completely. Then, put the pressure on yourself to keep an eye on your balance each day.