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ICNNMoneyI Overdraft problems fade after switch to CUs
NEW YORK (9/5/08)--CNNMoney.com staff writer Jessica Dickler says her readers are outraged about overdraft fees. But, she added, a number of readers with overdraft fee problems at banks said their problems disappeared after they switched to a credit union. "Many readers said that their overdraft fee problems went away when they moved their money over to the local credit union," wrote Dickler in "Overdraft outrage: You weigh in," posted Wednesday. She quoted "Hunter" of Brunswick, Maine, who said, "This is one of the reasons I have stopped doing business with banks. All of my accounts are in credit unions. I have found you get better service and very low or no fees on most of the things banks charge big bucks for." Readers criticized the way overdraft fees are calculated. Many have learned the hard way that banks debit checks or charges from largest check to smallest, not from the dates of the checks, said Dickler. As a result, consumers may pay more overdraft fees. In the article, the American Bankers Association encouraged disgruntled customers to switch banks, saying that it was the strongest way to let a bank know how one feels about its policies.
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