How to avoid bank overdraft fees.

Posted by: Live Smart   
July 8th,

Until the Regulation E has been approved (see discussion here) and we know exactly how it is going to protect the consumer, high overdraft fees are the fact of life.  If you are hit with those fees frequently while using your ATM card, then you are a good prospect for prepaid credit card.

There are many of those out there, so be careful and read the fine print so that the one you pick does NOT charge an overdraft fee. The one that we are familiar with and can suggest is WalMart MoneyCard. It does come with some fees but Walmart lowered the fees significantly recently in light of financial troubles in our economy. To get you started takes $ 3.00. To add money can be free (if you get your payroll sent there) or cost you another $ 3.00 at WalMart. It might sound a lot, but you need to add money more than 10 times a month to reach even one overdraft fee.

MoneyCard Visa/MC works like a regular credit card, except you spend money that you have and have put in there, rather than the money you might not have and borrow from a bank.

MoneyCard Visa/MC will also help with staying within your budget  (We will talk more about budgets next week). By adding a set amount to your card weekly or semi-weekly, what ever works best for you, will help you to stay within your spending target. You can get your day end balance sent to your e-mail or cell phone for free and that helps to keep track of your spending and how much you have left until next infusion of money.

Here is a list of thing what not to do with your WalMart MoneyCard:

Stop paying banks your hard earned money as overdraft fees, start using prepared credit card instead. If you have experience with other prepaid cards, good or bad, please share, so others can learn from your experience.

This entry was posted on Wednesday, July 8th, 2009 at 7:05 pm and is filed under Living, Money. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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