It appears that, as a nation, we would rather give away $34 than eat brussels sprouts. A recent report by the Center For Responsible Lending illustrated the growing problem of overdraft fees by claiming that Americans spent more money on overdraft fees than on fresh vegetables last year.
In 2008, a record $24 billion in overdraft fees were paid to financial institutions. 2009 doesn’t look any more promising, as we’re projected to increase that record to over $26 billion.
There are several ways to combat this problem, the best of which is to watch your balance closely. Sign up for online banking and make sure to check on your accountsa few times a week. Many online services allow you to set up an automatic minimum balance notification emails or even texts, so you’ll get a message whenever your account falls below a certain amount (I have mine set to $100).
With all the money you save, it might be time to try out a few new vegetables. Veggies are cheap when bought in season and are pretty delicious if you cover them in bacon and cheese.
--Cody
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