In honor of Memorial Day, all Utah First branches will be closed on Monday, May 27, 2019. Online & Mobile Banking and our ATMs will be available for your convenience.

Why Having a Low Overdraft Fee is So Important

We’ve all been there before – that moment at the checkout counter when you swipe your card with one hand and cross your fingers with the other, hoping that you have enough funds to cover the purchase. If you don’t have overdraft protection, the transaction could get declined. And you have to endure the judging stares of the suddenly smug store clerk and all the impatient people in line behind you, as you take a peek just to make sure none of your neighbors are nearby.

If you do have overdraft protection, your bank or credit union has your back. You avoid embarrassment, but if your overdraft fee is high the added expense can be just as demoralizing. So, it’s important to get the best of both worlds (overdraft protection and forgiving fees). Here are a few reasons why a low overdraft fee can be a lifesaver.

High Fees Hurt

With many overdraft protection plans, your bank or credit union will pay your ATM withdrawals and debit card transactions that take your account balance below zero. But this service isn’t usually free. In fact, the median overdraft fee most banks charge is $34, which can feel akin to being kicked while you’re already down. Even worse, if you’re not aware that your account is empty, you can continue to rack up high overdraft protection charges every time you make another purchase. So, it’s best to find a bank or credit union that’s a little (or a lot) more forgiving with their overdraft fees.

Mistakes are Easy to Make

Checking your account balance regularly is important. Even so, checking your balance usually isn’t the top priority on your list of things to do. Life can get busy and mistakes are easy to make. In fact, according to the Consumer Financial Protection Bureau, most overdraft fees come from debit card transactions. And most happen with transaction that are $24 or less, making that quick trip to the drive-through or grocery store even more expensive. In other words, overdraft fees are common and they sometimes happen when you’re not suspecting it. So, why overpay when they do happen?

Affordable is Always Better

Utah First understands that high overdraft fees hurt and that life gets in the way of keeping constant tabs on your account. So, when you do forget, Utah First offers a more forgiving overdraft protection fee. With a Personal E-Checking Account from Utah First Credit Union, you get a low overdraft protection fee of just $14.95 (almost $20 cheaper than the median fee of most banks). It’s the best of both worlds, allowing you to save face while not having to pay an arm and a leg for overdraft protection services.

So, the next time you’re at the checkout counter and it’s been a while since you checked your balance, don’t sweat it. Swipe that card with confidence knowing that Utah First has your back with the lowest overdraft protection fee around.

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