American Financial provides customized financial services to support the needs of individuals and families hit hard by the recent economic crises. In recent years, America has met with significant economic headwinds that include a sub-prime mortgage crash, stock market instability and the repeated TARP bailout funding. Homeowners, small business owners and everyday consumers have had to bear the brunt of these difficult economic times.
By enlisting the services of American Financial, clients gain the knowledge and support they need to successfully navigate the complex methods of a bank dominated economy. To insulate against losses in a soft economy banks have increased existing usage charges and begun charging for services that were previously free. American Financial notes that banks are charging customers more for services like issuing cashier’s checks, stopping payments on checks and even debit card cash advances. American Financial says that most consumers who have been banking for some time are not aware of the new charges until it is too late.
An unnoticed higher fee for a cashier’s check may overdraft a customer’s checking account, leading to an overdraft penalty. Beyond that, most checking accounts have “overdraft protection” which draws from the customer’s savings to cover the shortfall in their checking account. However, American Financial adds that most banks have recently started charging an overdraft protection transfer fee, so the transfer itself costs more money.
By the end of the chain reaction a customer will pay three increased fees for simply issuing a modest cashier’s check. Furthermore, most of the customers that incur such fees cannot afford to pay them. In these cases, the bank itself may cover the shortfall, charging the customer again the next time they cash a paycheck. American Financial work tirelessly with their clients to give them financial management knowledge and tools to avoid being thus fleeced by big banks.