About 14% of bank customers incur five or more overdraft fees every year, and that’s over $150. The worst part is that most customers only realize they had overdraft protection once asked to pay interest and a fee.

If you're asking yourself, "How can I avoid paying overdraft fees in the future?" our guide will help you discover an alternative way to get urgent cash fast. Keep reading to find out how Alabama title pawns online can help your personal finance future.

How An Alabama Title Pawn Can Help Your Personal Finances

Why Do Banks Have Overdraft Fees?

A bank will charge an overdraft fee if you withdraw more money from your account than what you currently have in it.

An overdraft helps avoid insufficient funds charges but does include interest and other fees. The exact amount varies from one bank to the other, but, in some cases, you might end up paying $35, even if you ‘borrowed’ just a few bucks from the bank.

Furthermore, if you fail to pay your overdrafts back in a set period, the bank might turn your account over to a collection agency. This, in turn, will most likely affect your credit score as the collection action will get reported to the leading credit agencies.

How To Avoid Overdraft Fees

Finding out that you’re paying overdraft fees regularly can be an unpleasant experience as this means you’re spending plenty of short-term cash advances (that you might not have known about). Thankfully, there are a few things that even those who are not yet personal finance experts can do to try and avoid these costs:

• Track your balance

The most obvious tip is always staying on top of your account balance. Consider signing up for low-balance alerts, just in case.

Also, please keep track of the automatic payments you have set up and know when they will happen. It's important to know when the funds deposited into your account will become available, as that typically takes time.

• Cancel your overdraft program

If you don’t have overdraft coverage, your payments will get declined whenever your account has insufficient money. This might be a better option if you’d prefer not to pay overdraft fees ever again. Contact your financial institution and let them know you are no longer interested in overdraft coverage.

• Link the checking account to a savings account

Another way to avoid overdraft fees is by linking your checking account to your savings account. If you do that, the bank will use your savings account to cover the difference whenever insufficient funds are in your checking account.

The financial institution might charge you a transfer fee for every transaction of this kind. So, from a personal finance perspective, there might be better ways out.

Why Choose Title Pawns Online?

Though some people might like the idea of overdraft coverage and that you’ll get to pay your bills even if you have $0 on your account, the consequences can be pretty annoying. If you ever find yourself in a situation where you urgently need cash to take care of an emergency expense, then consider going for title pawns instead. In such a case, all the agreement terms would be explained to you beforehand, which is excellent, as you wouldn’t have to deal with any unexpected fees in the future.

How Can Alabama Title Loans, Inc. Help?

Alabama Title Loans, Inc. is committed to immediately helping you get urgent cash. If you're an Alabama resident, you wouldn’t even have to visit the store to get the title pawn. All you would have to do is fill out a quick form, talk over the phone with a friendly company representative, and schedule a meeting with the verification agent at your chosen location.

We offer competitive title pawns to handle emergency expenses such as home repairs, unexpected travel, and medical bills. If you get approved, the cash will get deposited into your account, and you might be able to receive up to $15,000.

Apply For Title Pawns Online Today!

The main problem with overdrafts is that, at one point, you would have to pay a few relatively high fees that you might have yet to be aware of. With Alabama Title Loans, Inc. you’ll get the money you need without ever dealing with unexpected payments.

With only your driver’s license, lien-free title, and car, you can qualify for up to $15,000. Furthermore, you might get approved even if your credit is inadequate or non-existent. To get the process started, fill out the short online form right now!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.