$1 Billion In Overdraft Fees - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

$1 Billion In Overdraft Fees

A convenient way to pay may be leaving you with more than just a receipt. Overdraft fees from debit cards are skyrocketing.

18 to 24 year olds will spend more than one billion dollars this year on overdraft fees. A penalty for overspending that is easily avoidable.

Experts attribute this surge in fees to a lack of checks and balances.

Greg Houlette with Happy State Bank says, "They use their check card so often, and they don't keep track of the balance as they should. They know what the balance is in their mind, but it's not the true balance in their bank account."

Young adults we spoke with admitted to not checking their bank statements with their record of spending.

Shannon Peters says, "I do the mental record thing and it gets me in trouble some times."

James Neslage says, "I should actually balance my check book you know, and see how much I have in my accounts, but I am pretty bad about that, so that's what usually gets me in trouble with overdrafts."

So what should you do to keep fees from hitting you? Experts say use technology to your advantage... Sign up for internet banking.

Once you have done that, most banks offer extra services through your internet account.

Houlette says, "Keep track of their banking online, with online real time. What online real time means as soon as you swipe your card and you use it, that will show up on the internet banking you have."

If you don't have time to always check your balance... You can sign up to be alerted when your account gets too low.

Houlette says, "Set up a cue card. It will notify you anytime your balance drops below a certain dollar limit."

If you are not a fan of internet banking there is a third option...Have your savings and checking accounts linked, so if you are short on funds the bank will take it out of your savings instead of charging you an overdraft fee.

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