Banks offer us a very useful service. In very simple terms, a bank offers us a safe place to store and organize our money and, in some cases, even allows us to earn interest on that money. Pretty good deal. But there is a trap, of course: bank fees.

The bank rates are one of the two main ways in which banks generate money. (The other way is by giving our money to others with a benefit). Therefore, it makes sense for banks to charge some fees so they can stay in business.

However, at some point during the last decades, bank fees have somehow gone from being an additional source of income for banks to becoming a primary source of income. One of the largest sources of commission-based income for banks is that of overdraft fees. In fact, banks generate around $ 30 billion for each overdraft fee alone in the United States. It is big business

As consumers, it is important that we stay informed on bank overdrafts rules and so we can avoid paying overdraft fees whenever possible.

Here are 5 points on the banking and overdraft rules you should know:

1. Most banks have overdraft protection programs in place. These programs cover charges made to debit cards, credit cards and checks, even when the account has a negative balance. They also allow the bank to charge an overdraft fee for this service.

2. Most banks with overdraft protection programs automatically enroll new customers in these programs when new checking accounts are often recorded without leaving it clear the new client exactly how it works.

3. Customers who are enrolled in overdraft protection programs are not generally aware that your bank will approve debit charges made in a trade, even if the account has a negative balance. This can cause the customer to pay $ 100 or more in a single day for overdraft fees.

4. For most banks, there is no limit to the amount of overdraft fees you can pay in a single day.

5. Some banks now offer free overdraft checks, which means that charges to cover negative balance accounts, but still will not charge you an overdraft fee.

Keep these rules in mind to keep the bank fees you pay at the minimum.