There was a short blurb on the radio this morning complaining about the fees associated with debit cards. Did you know that if you overdraw using your debit card, your account will be hit with a large fee?
Recently, someone I knew voiced shock that their adjustable mortgage would be changing. Their payment would be increased by half!
Let us review. If you sign a contract or an agreement, you have committed to the terms enclosed. If you mortgage is set to adjust in two years, you can count on your payment changing. It will nearly always increase.
If you overdraw your bank account, you have agreed to the terms disclosed regarding fees and procedures. A debit card is like presenting cash. So, the $ will be drawn out of your bank account. If there is not enough $, the bank is actually covering you (loaning you) for the difference.
Read or fully understand (ask questions) all documents you sign.
'til later
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