I have savings overdraft protection on my checking acct. There is plenty of cash in the savings acct. The overdraft made an automatic transfer of $100 from my savings to checking to cover a check. Today I see a $30 service charge on my acct. This ever happen to anyone else?
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I think this is standard procedure nowadays. You should have gotten a statement of fees from your bank; look to see if there’s a service charge for the automatic transfer; I bet there is. I had an overdraft with automatic transfer 2 yrs ago and there was a fee plus interest. And I didn’t realize you have to repay the transfer amount from somewhere else, just like a bank loan, so there was additional interest until I transferred money from savings. I thought they would just take money from my checking account but they didn’t.
Banks make more money today from fees than from interest, so they are really stacking up the fees.