First Lesson of Debt Management

Those of you reading this will probably say- silly moron, you should have know that!  BUT I can say I did not know that the date on a paper check has ABSOLUTELY no bearing on it’s ability to be cashed.  So, I sent in a check to the IRS and I didn’t want it to be post marked too late, but I knew that they couldn’t cash it until a certain date.  In my genius I though that it would be OK to date the check for the day that it would be good, but noooooooooooo.  So I’ve now got $140 in overdraft fee from my bank (soon to be former bank) for this error. 

I NOW know that pre-dating a check is not valid way to make a payment happen on the day that you need it to and I won’t be repeating this mistake, but seriously?  ALL, I repeat ALL of the overdraft fees were for charges that hit on the same day that they posted the check and they were categorized after the check.  I didn’t believe the news article about how banks are stacking their overdraft fees to maximize penalties, but I am staring right at it on my account statement.  I mean- how is this in any way fair? 

I can understand that a fee for the amount of overdraft would make sense.  I can understand if the bank changes me for the check with insufficient funds and doesn’t honor it- THAT MAKES SENSE.  But, I’m just not understanding how these policies- which are rampant not only at my personal bank- are anything other than extortion.


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