Citibank Overdraft Fees – How to Avoid Them Completely
Free checking was all the rage in the late 1990s. Then came overdraft protection in the early 2000s. The trouble is, the first one is rarely free and the second one barely offers protection – against fees!
If you are a Citibank customer and find yourself paying heavy Citibank overdraft fees each month, you are probably wishing you never had enrolled in their overdraft protection program. Overdraft protection probably sounded like a great idea at the time. After all, who doesn’t want to be protected from overdrafts? Overdraft protection actually is good in the sense that it covers your charges to creditors like stores and individuals to whom you wrote checks or paid via your debit card. However, in the experience of many, many furious bank customers, it is also bad in that overdraft protection results in fees of $25, $35 or more per transaction. Ouch!
In fact, after just 3 overdrafts in a single day, you could end up owing your bank over $100 in fees. That is much more expensive than paying a small monthly checking fee!
Here is how to avoid Citibank overdraft fees completely: switch to a no-overdraft-fee bank! Yes, they are out there and are open for business. These banks promise to never, ever charge you an overdraft fee. They will even cover your overdrafts – but still not charge your an overdraft fee? What’s the catch? No catch. Some of these banks do charge a small monthly checking fee, but this is less than you would pay after just one overdraft at a big bank.
For a list of no-overdraft-fee banks, check out: http://www.escape-overdraft-fees.com/. For more information on banks that do not charge overdraft fees, also check out: http://www.squidoo.com/banks-without-overdraft-fees.
