Released: September 02, 2007

$5 overdraft ends up costing $350

Source: Susan Tompor, Detroit Free Press

Joseph Rizk, 20, figures it was one trip to Taco Bell that sent his checking account over the edge.

When he was a senior at Wayne State University, Rizk pulled out his Chase debit card to get some fast food. He spent about $5 more than he had in his checking account. He didn’t spot the trouble early enough and ultimately got hit with about $350 in banking fees.

“I overdrew, and they pretty much pummeled me with charges,” said Rizk, who graduated this summer with a bachelor’s degree in biological sciences.

This is one story that’s smart to share with anyone who is heading off to college. The debit card - no matter how cute all those commercials might be - isn’t necessarily your best friend.

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