Modern banking affords consumers a lot of options that our grandparents
did not have. With the prevalence of convenient payment options (contactless
payment systems over your smartphone, hi-tech chips on cards, and more), it is
easier than ever to pay for your purchases. But with that ease comes the danger
of overdraft fees. Sometimes, we don’t always pay close attention to the speed
at which our funds dwindle in our bank accounts.
No one wants to get hit with an overdraft fee. Most of the time, it’s not because you were intentionally spending money you knew you didn’t have; often, it more that you misjudged how much you actually had in your account.
The easy solution is just to switch off your overdraft protection. However, that means your payment method could be declined at the register. While that is definitely going to be embarrassing, it is probably better to just blush and move on, knowing you don’t have a sudden $33 dollar drop in your account when you already didn’t have a lot of money. And now you have to pay that back, on top of covering the charge that got you that overdraft fee.
But now there’s another option, one that can help you avoid embarrassing “oopsies” at registers and hefty charges that follow you into the next paycheck.
No. Not creepy Dave from down the block.
No. Not toothy-smile Dave from the local Bag’n’Buy.
Dave, the helpful finance app.
Dave can be tied to your bank account to help monitor your finances and recurring expenses. Dave uses the same military-grade 128-bit SSL encryption tech that the big banks use to protect your information.
Dave can let you know when you are at risk of running an overdraft play in your bank account.
Like, if you cable bill is set to auto-draft tomorrow, but you had that huge gasoline charge earlier this week cause your sister borrowed the car and didn’t fill it back up…..
Dave can even offer you a little loan to keep you afloat.
Within Dave’s interface, you can ask to borrow $25, $50, or $75 to tide you over until your next paycheck pops in. These micro-loans are actually free, no strings attached.
Dave is my new best friend.
When you pay Dave back, you are given the option to leave a tip, anywhere from 5-15%. For every % point of tip you choose to donate, the team behind Dave plants a tree. Tips are not required, but are definitely encouraged.
It’s like a payday loan, but without those hefty fees.
Does it is a little too good to be true? We knew you would ask, and yes, there is a monthly for the app.
$1.00 per month.
Just think – if you keep the app for three years, and on month 36 Dave helped you avoid a $37 overdraft charge, the thing just paid for itself.
For many millennials, paycheck to paycheck is a reality, and one little mistake in budgeting or one tiny splurge can throw the entire scheme into the furnace in a heartbeat. Dave understands, and the team behind Dave wants to help. For more information on this hot new app, check out Dave’s site.
And because we are all Groot, maybe get the app, take a tiny loan, and leave a tip to plant a few trees. Mother Nature thanks you.
We are not financial advisors and therefor are not giving any financial advise. Before implementing any of the tips on this website, please consult with a financial planner to ensure it makes sense for your individual financial situation.