Americans are up in arms over the outrageous overdraft fees that are being charged by banks today. You know how it goes…your account runs out of money, and your bank just punches you in the face with overdraft fees until you replenish your account. Many of us have had that $40 cup of coffee ($4 coffee and $36 overdraft fee). Banks, including Chase, reorder your transactions on any given business day to make sure that bigger purchases clear before smaller purchases. The result: tons of overdraft fees on small purchases. Banks are clearly taking advantage of people who chose not to practice the art of financial awareness.

But don’t get it twisted. I’m not the guy to yell at the blanks, my job is to yell at YOU. I’m not going to ask the banks to stop bailing you out of dumb financial situations. You need to take responsibility for your actions. That being said, I would rather banks simply have your debit card decline, opposed to extend overdraft protection. Here are Pete the Planner’s 5 Tips for Avoiding Overdraft Fees.

1. Know your banks policy- Sounds pretty obvious, but it’s likely that you aren’t operating on a fair playing field if you don’t know the rules. If you are aloud to opt out of overdraft protection, do it. I would rather you be embarrassed by a card decline, then get drilled with hundreds of dollars worth of stupid fees.

2. Count your transactions- Forget overdraft protection for a second, if you don’t know how many times you actually handover your debit card, then you have bigger problems to deal with. You shouldn’t use your debit card more than 10 times per week.

3. Use cash- Old fashion, I know. But it is the ONLY true way to not have overdraft fees. It is the abstinence of the financial world. Awkward….

4. Visit your online banking account frequently- I generally don’t advise that you hover over your money, but if you have an overdraft problem, then be sure to use online banking. Not even the dumbest people in the world would spend money that they see that they don’t have.

5. Communicate with your partner or spouse- Many overdraft fees happen when two people use the same checking account. Be sure to talk about your purchase habits regularly. Communication is the key to accountability, and accountability is what you need.

And don’t forget, don’t rely on the banks to help you. This is your money, and your financial life. You can do it.

Tips courtesy of….me. From my Fox News appearance on 9/29/2009

About Green Candyâ„¢

Green Candy™ (www.GreenCandy.com) is an online financial assessment tool that helps Gen Y-ers and Millennials get on the right financial track before the “debt hits the fan.” Introduced by radio personality, comedian and financial expert Pete the Planner (www.PeteThePlanner.com), Green Candy’s ™ various “pods” allow users to assess their financial health and competency in common areas such as Debt, Budgeting, Investing, Charity, Risk Management and Major Purchases, as well as in areas unique to Gen Y. A subsequent series of targeted worksheets, podcasts, tip sheets, and action plans guides them to the financial promise land. Green Candy™: Get in control before the debt hits the fan.

About Pete the Planner

Pete the Planner (www.PeteThePlanner.com) is expert financial planner Peter Dunn’s super-saving alter ego. Peter is an award-winning comedian and rising star in the financial world. Named one of “Indy’s Best and Brightest” in finance in 2007 and media in 2009 by KPMG, Peter was also declared one of NUVO magazine’s “30 under 30 to Watch in the Arts” for comedy. Peter is the author of What Your Dad Never Taught You About Budgeting (2006) and is the host of the popular radio show Skills Your Dad Never Taught You on News Talk 1430 (WXNT). He blogs regularly at www.petetheplanner.com/blog. Pete appears regularly on Fox News and Fox Business as well as various CBS stations. His newest book, 60 Days to Change, is due out in November.