53 Billion dollars. That is how much US financial service firms are expecting to rake in in overdraft fees this year. Repeat that number – 53 Billion dollars!
Why? 80% of consumers purchase items with a debit card that is linked to a checking or savings account. Unfortunately very few of us actually balance a check book or account for debit transactions.
What can be done? We are proud to launch Geezeo mobile which aims to put an end to overdraft fees.
The biggest problem is we typically do not have access to our accounts when we need them most – when we are out on a shopping spree or out for a big night on the town. Being that we are all eternal optimists we will gingerly hand our debit or credit cards over to a cashier… wait anxiously… and if the cashier accepts it… Yahoo! – we feel we are free and clear. There MUST have been enough money in the account. Unfortunately, the next day comes in – and bam… overdraft fees… for 3 different charges… $100 in fees down the drain.
With our free service you can send a text message to your Geezeo account and check ALL your financial account balances -in real-time- before you buy. BAM! no more overdraft fees. Only buy what you can afford and only use the cards and accounts that have enough money to cover it.
Sounds simple, huh?
