By Gladys Brayer
Check the small print in your monthly bank statement. Effective and neatly tucked away in your Oct. 1 statement is the following message: Overdrafts and Returned Items Tier 1 ? 1 Occurrence *Paid or Returned $26 each item Tier 2 ? 2 + Occurrences* Paid or Returned $35 each item also: Daily Overdraft Fee: Beginning on the third business day following the day on which your overdraft occurred, overdrawn balances of $15 or more may be assessed $5 each business day.
That means, in addition to the $35 fee for each overdraft, you will also be charged $5 each business day for each overdrawn check, and how quickly those fees pile up! I have talked with a number of people who have lost hundreds of dollars. In speaking with a teller at Bank of the West, I commented that I usually don”t read all the literature they send, to which she replied, “Most people don”t read them.”
It”s my understanding that this policy is also in effect at many of the major banks. In light of our tightening economy and rising food prices, etc., this is devastating news to all caught up in the struggle to survive in today”s world. Of course, the best practice is don”t write a check unless the money is in your account. Just be aware … banks are in the business of making money.
Gladys Brayer
Clearlake
