Overdraft fees on checking accounts are becoming very costly. Banks and credit unions have developed new methods for tracking customers who carry a very low balance (customers who do not leave enough money in their account to create a profit for the financial institution) and have found a new way to make money from these customers.
If you write checks close to payday and hope that your creditors will not deposit your payments before your paycheck is in your bank account, you might want to start changing your ways. You will not only be charged a significant overdraft fee, as much as $35, but you’ll also find that your bank will process the largest checks first. For example, if you pay your rent for $380 and your utilities for $35, $20, and $65, and they all arrive at your bank on the same day, the bank will process the $380 first. If your account balance is $380 when the checks are processed, this means you will pay an overdraft on each of the three small checks rather than just the one large check.
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Creditors are also beginning to have the capability to process your payment immediately. You are probably already familiar with retail establishments that process your check electronically the moment you write it—just as though you used a debit card. This will soon become standard practice. In addition to this, online payments you make will be deducted from your bank account immediately instead of posting to your creditor account and then being deducted from your checking account a few days later. Citibank and Sprint are just two examples of companies already making use of this ability.