My old bank manager told me I was wasting money on overdraft protection... I finally listened

She said I was paying $12 a month for a service that only kicked in twice a year, so I cancelled it back in March and just set up a low balance alert on my phone instead. Has anyone else found that banks push these add-ons that sound helpful but just cost you over time?

2 comments

2 Comments

charlie_roberts873d agoTop Commenter

$12 a month is nothing to freak out over though. Most people waste more than that on coffee or subscriptions they forget about. I'd just make sure your low balance alert actually works before you get hit with an overdraft fee, those can be way worse.

linda_clark3d ago

Oh, did your friend actually get burned by that? My buddy Mark did the SAME thing, he cancelled his overdraft protection thinking he was slick. Then his car insurance auto-pay hit his account on a day his paycheck was delayed by like 3 hours. THAT little gap cost him a $34 overdraft fee and he was SO mad because he'd saved maybe $24 total by then. He swore the low balance alert was set right but his bank's app just didn't push it fast enough. Ended up paying more in the long run, just like you'd expect from those sneaky banks.