It took 18 months for the FDIC to figure out that banks’ practice of clearing checks largest to smallest makes banks a lot of money.
overdraft fees
Watch Out For These 5 Overdraft Traps
By 8.20.08
Banks need your money. They’re not doing too well on their own, and you’re not screwing up enough to generate the fees they need to make their shareholders happy. That’s why they’ve set up sneaky ways to maximize your every mistake—or in some cases, ways to change the rules so that you make new mistakes where you didn’t before—in order to penalize you. Here are five things SmartMoney says to watch out for.
