“I Don’t Like Getting Charged Overdraft Fees”

During breakfast this morning, I was reading Sports Illustrated and ran across a bank advertisement that had a person saying the following:

I don’t like getting charged overdraft fees.

My coffee is expensive enough already.

“The price on the menu read $3, but it read $38 on my bank statement.   So I switched to a [insert bank name] account.   Even if I’m short on funds, [insert bank name] won’t let me use my debit card to accidentally overdraft.   So my coffee never costs a lot more than it should.”

Wow!   I know that coffee is priced high at Fourbucks, but I can’t imagine living in a world where I must worry about overdrafting my bank account with a simple purchase of a cup of coffee.   EXCEPT FOR THE FACT THAT I LIVED THIS WAY FOR YEARS!

I would like to offer a better solution:

  • Establish a margin in your bill pay/spending account of several hundred dollars.   This will prevent overdrafting altogether!
  • Buy coffee with cash so that you can not possibly overdraft!   Cash purchases provide a 100% disconnect from overdrafting (or overspending) the bank account.

And, of course, prepare a written spending plan and force INCOME – OUTGO to equal EXACTLY ZERO!

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