Millions of Americans get hit with overdraft fees every year. If this happened to you while you were juggling multiple bills, know that you’re not alone. Banks within the US grabbed over $11 billion out of our pockets in 2019, with more vulnerable customers paying the bulk of it.
Banks can make it easy to overdraft and harder to save. Some of them have done things like processing pricier transactions before smaller ones and charging extended overdraft fees when your account remains negative. Some banks might offer “overdraft protection” services at a seemingly smaller fee. Still, customers ended up paying three times more for these services compared to overdraft fees themselves. If that’s not toxic to your financial health, we don’t know what is.
Fighting Back Against Overdraft Fees
We see how banks have set us up for failure. Digit helps our users combat these fees and increase their savings with these breakthrough features:
- Overdraft Prevention - Every member starts with a Rainy Day fund made for tough moments and intelligently saves into it. When your checking balance falls below your threshold, Digit sends your savings back to your checking account to prevent an overdraft.
- Safe Saving Level - If your checking balance falls below your threshold amount, Digit won’t try to save. Your safe saving level gives you extra control over Digit’s savings and peace of mind.
- Maximum Daily Save - Don’t want Digit to save more than a certain amount each day? In your goals, you can adjust the max amount that Digit can save on a particular day. This setting makes Digit saves for you at a comfortable rate.
These features come together to provide a new safety net for your financial health. In fact, Digit prevents an average of two overdrafts per year. And members earning less than $12,000 annually double their cash savings after a year of using Digit.
With Digit, not only can you have more cash on hand for those unexpected bills, but you can prevent those nasty overdraft fees too. To get on the road to financial health, sign up for Digit now.