Brochure shows consumers how to avoid overdraft fees.

Financial Update, October, 2004

In a move aimed at helping consumers fend off high fees for overdrawn checking accounts, the Federal Reserve and other financial institution regulators announced publication of a new brochure, Protecting Yourself from Overdraft and Bounced-Check Fees.

The no-cost solution

The key message is simple: good account management is the lowest-cost way to avoid fees assessed for bounced checks and overdrafts. The brochure offers several tips for managing a checking account: keeping an up-to-date record of all transactions (checks, ATM and debit card transactions, online payments, and so on), keeping track of the balance, and reviewing account statements monthly.

"Courtesy" is not free

But even careful consumers may find their accounts...

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