Robert
Wallingford,#2Consumer Comment
Fri, March 23, 2007
Of course it's to increase fee income. They are a for profit institution. A few other gothchas you may not be aware of: most banks will allow you to withdraw more than you have in your account at the ATM or POS terminal and charge you a NSF fee. some banks will charge a fee for each day that an account is overdrawn. Whichever bank you chose to keep your account in, be sure to read through the account terms and conditions or better yet read through them before you open an account. This way there are no surprises and you won't make any other incorrect assumptions when you overdraw your account. The only protection you have is to keep an accurate account register and not spend money that you don't have. Good luck.