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Six tips for overdraft-proofing your account

By Marshall Loeb, MarketWatch

Last Update: 3:01 PM ET Mar 23, 2008

NEW YORK (MarketWatch) — Many banks and credit unions routinely allow debit and
check transactions to go through even if there isn’t enough money in the user’s
account. Then they slam their customers with overdraft fees, usually without a
warning, at the time of purchase, claiming this “service” protects people from
bounced checks and declined transactions.

If you have been on the receiving end of this practice, you know that a single $5
transaction can trigger a $30 to $35 overdraft fee, while a series of overdraft
purchases in a single day can rack up hundreds of dollars in fees. The people
most at risk are consumers who routinely have low balances or who don’t monitor
their account balances regularly.

If that describes you, MSN Money columnist Liz Pulliam Weston offers six ideas
for things you can do to overdraft-proof your account:

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