Top 5 Ways Consumers Can Avoid Overdraft Fees in 2017

HARRISBURG, Pa., Jan. 2, 2017 /PRNewswire-USNewswire/ -- With Americans paying more than $11 billion in overdraft checking fees last year, Secretary of Banking and Securities Robin L. Wiessmann is advising consumers on ways they can save money and avoid overdraft fees, which can cost $20-$45 per transaction.

"An overdraft is when the amount of money in your bank or credit union checking account goes below zero," said Secretary Wiessmann. "With the introduction of debit cards, automatic payment plans, and other tools, personal finance has become more convenient, but also more complicated. However, following simple, common-sense rules can help keep more money in your checking account."

Wiessmann's top five tips to avoid overdraft fees:

"Frequent overdrafts can also cost consumers more than money," Wiessmann said. "You could lose your checking account and have trouble opening checking accounts in the future."

Anyone can contact the Department of Banking and Securities at 1-800-PA-BANKS or 1-800-600-0007 to ask questions or file complaints about checking accounts and other financial transactions, companies, or products. Members of the public are also invited to connect to the department through Facebook and Twitter, or subscribing to the department's newsletter.

Media contact: Ed Novak, 717-783-4721

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SOURCE Pennsylvania Department of Banking and Securities