6 Tips to Avoiding Debit Card Overdraft Fees

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1) Do not be fooled by your online balance:

For the most part, your debit card transactions will typically post to your online account near instantly. However, allowing yourself to only rely on this balance can lead you to sing the bad-credit-bank-account blues. When possible, keep your own log of debit transactions so that you will not get caught thinking your debit card account balance is fuller than it is actually.

2) Keep a backup fund:

It is never a bad idea to have an emergency backup. Keep a small amount, $100 for example, that you will not spend and can provide cushion during instances of excess spending. Think of this fund as intangible, its only purpose is to give you extra debit card security.

3) Avoid using a debit card when there will be an added service charge:

Some businesses charge a fee when you pay with a debit card. Gas stations commonly tack on an extra debit card charge regardless of the total spent.

4) Watch for blocking:

Blocking is when companies check your funds to make sure that your debit card can support what will be charged. While this is not an actual payment and the money will be credited back to your account, places like hotels and nightclubs do this regularly. Even though the company has not received the money, technically you are unable to use these funds until the hold has been realeased.

5) Ask a friend or loved one to cosign:

You can link your bank account to another so that you are able to transfer from their account if you have spent outside your means.

6) Overdraft protection programs:

These programs allow you to set up a credit card that your account can dip into if necessary. The charges for this are lower than regular overdraft fees. There can be problems associated with this feature. If you have bad credit, you will not be able to qualify for one of these cards. Major problems can arise if you have maxed out this credit card. If your debit card account tries to pull from a maxed account then you will not only receive fees for your debit card overdrafts, but multiple credit card fees as well.

Monitoring your spending is the best way toward preventing overdraft protection. There are also prepaid debit cards that do not allow you to spend over your balance which negates the problem altogether. Best of all, many of these cards are available to individuals with bad credit or bad bank account credit. For more information, see What is a Line of Credit?.

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