Overdraft and NSF fees can be costly. Here are some things you can do to prevent the accumulation of these fees in the future:
- Closely monitor your account balances:
Although this may seem obvious, keeping a close eye on your account balances and charges is crucial to ensure you don’t run into a situation where you are being charged overdraft or NSF fees. Banks are not legally required to notify you when an overdraft or NSF fee is applied and deducted from your account. You are responsible for keeping a current and accurate cheque/transaction record. By balancing it with your monthly statements you will know your account balance and prevent overdrafts.
- Set up Account Alerts:
The majority of banks will allow you to set up email or mobile alerts and notifications if your account balance is running low. This feature can be extremely useful for tracking your account balances and transactions. By receiving notifications directly to your mobile device, you can ensure that you are maintaining a healthy account balance and you are not missing any payments.
- Link a Secondary Account
Some banks will allow you to connect a secondary account to your primary one. This way, if you overdraw from your primary account the bank will automatically move funds from your secondary account to cover any pending transactions. Contact your bank to see if this option is available to you.
- Request a Refund
It is possible to negotiate lowering or even completely waiving overdraft and NSF fees. Contact a customer service agent at your bank and make a request to have the fees removed. It is a possibility to get fees back, but there are a number of things you can do to proactively avoid incurring these fees.
Overdraft and NSF fees can be irritating and put a strain on your financial stability. You can expect to receive a fee if you conduct a transaction or make a withdrawal without enough money in your account to cover the expense. Fortunately, with intelligent and responsible money management you can avoid paying fees for non-sufficient funds.That’s where we come in. We are excited to introduce our Driven Insights tool. Driven is now providing you with instant access to key insights on the cash flow health of your business, saving you valuable time and resources. Oh, and did we mention it's completely free!? Sign up today and take charge of your finances.