Anyone who has had the pleasure of owning a bank account knows that it is not always a fun experience. One big pain is the understanding of your bank’s special charges and under which circumstances they may be levied against you. The basic principle behind bank charges is simple.
It is the way for banks to charge you for all of the extra services that you may or may not be aware that you are receiving. These can unfortunately be quick unfair for some consumers as bank charges can be very difficult or impossible to reverse except under the most extreme of circumstances. This means that an innocent error can compound into charge after charge until the user is losing significant sums of money.
To better understand bank charges, we should look at the many circumstances under which they may be levied against a user. One well known instance is the instance of an overdraft. An authorized overdraft is sometimes exempt from bank charges. In this instance the user just has to set up a temporary borrowing plan with their bank which will let them be slightly in the red for short periods of time without getting nailed with large charges.
The unauthorized...
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