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Nor -- all too well using your debit card no worries you got overdraft protection.
Booths here charges one of exceeding your balance you -- -- the bank with a thirty dollar overdraft charge or to.
Or three and oh how those -- -- -- -- try an estimated 38 and a half billion dollars this year.
So the banks going too far Scott Talbott is here to defend the bank's senior vice president at the financial services.
Roundtable joining us to -- and Scott how is that not egregious behavior when you see those overdraft charges.
Boom boom boom boom boom boom boom.
Hitting people who are probably financially strapped.
For first all you have to understand that an overdraft fee is charged -- the customer for violates terms of their agreement and draws down more money that is in their account.
So the bank is covering that overdraft whether to check ATM or debit card.
And customers have told us we want you to process the -- we want you to cover it.
Who wants analytical throw.
Yeah alternatives to bounce -- -- or -- the ATM charges did not debit card charge and -- the -- -- standing at that the -- with the goods and services.
And they get charged the fee for the not sufficient funds which is -- -- in the old days so the fee is based on the cost provide the services and customers have told us they want it is for ease of transaction.
More importantly it's very easy to eliminate or to reduce or even eliminate these charges by linking your checking account to your savings account or credit card.
And managing your clients as well and making sure you understand your bank balance in the.
Thousands of ways.
Thousands exaggerations lots of ways to get your bank balance before you going to buy a -- meant to purchase.
You know it's it's not a story that the American public likes to hear about right I mean that this you know you if you back if you bounce and checks.
You probably not in the best financial situation anyway -- get walloped by the bank -- by the retailer and it's sort of a downward spiral.
But at the same time the banks -- will we got to cover that cost.
How do we balance -- out what's fair.
Chart couple things first of all make sure I understand the terms of your -- -- -- when will and won't be charged.
Tightly manage your money well that's difficult to do to recession of course but knowing where -- palates is raining you're spending make sure you don't over draw your account.
And third link your account checking account with savings account -- cushion in there again that's challenging in these economic times but those will help reduce or even eliminate all these fees.
Hey Scott will have you back again berries and I commend her on -- that Scott Talbott senior vice president at the financial services grand am.
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