Dear Bank,
I am writing to inform you that I will not be “opting in” to your Overdraft Protection program. I can tell you are oh so eager to protect me from overdrafts…and subsequently charge me $35 each time. You have, after all, sent me 8 letters on the matter…but who’s counting?
It may surprise you that I don’t want to participate in a program that allows me to spend money that I don’t have. Call me crazy but I believe that if I don’t have enough money in my account for that latte or the latest Justin Bieber CD, I shouldn’t be able to buy it.
I know what you’re saying; what if I don’t know how much money is in my account? Overdraft Protection can spare me an embarrassing moment with the cashier. It’s ok, dear bank, you’ve already got me covered. You’ve made it easy for me to check my balance online, via text on my cell phone…or heck, there’s even an App for that.
And honestly, I can’t think of anything that I need so urgently that I’d be willing to pay a $35 premium.
So thanks, but no thanks.
Sincerely,
An Enlightened Consumer
Hi, I’m Cathy! I’m a former career-driven professional turned stay-at-home mom. Living on one salary has its challenges, but it is possible to live the good life while spending less. Cool to be Frugal is all about how we’re thriving, not just surviving, on a single income.
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$35 premium? Forget that!
Financial Samurai´s last [type] ..I’m Going To Kick My Own Ass
Haha this is awesome! I JUST wrote a post about this topic a few days ago, and about how I think overdraft fees are ridiculous, and why I don’t have protection. There were also new laws just passed that makes it illegal for banks to automatically enroll new customers with overdraft protection.
I asked readers to reply with outrageous stories of overdraft fees… One guys said he has a customer with about $810 in overdraft fees!!!! (He worked at a bank). That’s just ridiculous!!
myfinancialobjectives´s last [type] ..Overdraft Fees- How to Avoid them and the NEW Laws
That’s funny. Banks hate smart, money conscious customers like you!
I was so mad at my bank the other day. I was looking at my account online and it wouldn’t let me past the first screen without reading 20 pages about overdraft coverage.
I didn’t write a letter, but I did check ‘no thanks’ in the little box!
Everyday Tips´s last [type] ..How Much It REALLY Costs To Drive Your Car
As a CFP practitioner and financial adviser, I see the intimate details of people’s financial lives all the time. It is scary how close to the edge some people are living and how often their accounts are “dinged” for overdrafts. I think everyone should write a similar letter to their bank and just say “no” to Overdraft Protection programs.
Felicia Gopaul@Bank Fees´s last [type] ..001 CFR – Interview with Jacqueline Wisner – Alumni Recruiter for Brown University
Not a poem, but sounds nice. It looks like banks have taken on racketeering stuff from mafia. Soon they will charge us for breathing at their offices. Keep up good work and continue being enlightened.
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