|Organization:||Division of Banks|
|Referenced Sources:||Savings and checking accounts|
Sometimes, circumstances may occur that cause you to unintentionally overdraw your account or fall a little short. The Division of Banks (DOB) wants you to be aware of the options available to avoid paying high overdraft costs.
For example, if you wrote two $100 checks ($200 total) but did not have enough money in your account to pay them, your financial institution might charge an overdraft fee ($20-$35) for each item. The company that you gave the check to may also charge you a fee for a returned check ($25-$35) and possibly a late fee. Your fees could be more than $80 for those two checks.