By Jolie Vitale
Jolie Vitale was an intern last semester with the Quicken Loans Marketing team. She did such a great job, she is no longer an intern – she’s a full-time team member! Congratulations, Jolie on joining Quicken Loans and on a well-written post about bank overdraft fees.
Who hasn’t at least once received that statement, screen shot or letter with the dirtiest of all dirty words: “overdrawn?” It is an unmistakably memorable moment, usually filled with the proliferation of other dirty words, a heated urgency to find your transaction register and racing feelings of anger, stupidity, denial, confusion, hope and surrender. If you haven’t experienced this moment, I am going to venture a guess that you represent about 3% of the checking account-holding population. If you’re part of the other 97%, including myself, you know all too well the ensuing routine: you call the bank, are ambiguously told what went wrong, try to fight for the return of your precious money (let’s pause to reflect the timeliness and pain of this process…ok) and usually end up losing- even in the event that the mistake was on the bank’s part. The institution’s stern reaction to your default is a bombardment of fees that devour your balance and propel your savings into debt before you know what hit you.
My latest slap on the wrist totaled $70.
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