If youвЂ™re someone who is connected to the military, you might be familiar with a USAA bank account. While USAA advocates its support for military members and their loved ones by waiving deposit that is opening and allowing the choice to get paid early, the financial institution will not speak about how costly it can be if you should be charged a USAA overdraft fee. USAA does offer an overdraft protection service, but there are rules. When these arenвЂ™t followed, it can still end up in fees charged for your requirements.
How USAA overdraft fees work
For those of you who aren’t as familiar with overdraft fees, they occur whenever you donвЂ™t have enough money in your bank account to fund a transaction, and your bank ultimately ends up covering it for your needs.
A USAA overdraft fee is currently $29 (having just increased from $25 on June 8th, 2019). They connect with checks as well as other withdrawals from your account that USAA elects to cover. Overdraft charges can take place in the event that you overdraft by $5 or higher and charged per transaction . An overdraft fee for example, if your account has a balance of $1 and you buy an $8 sandwich, you will be charged for that sandwich PLUS. In the event that you buy another thing while your balance is negative, you’ll be charged another overdraft fee. […]