We've all been there before: our paycheck doesn't make it into our account on time, and before we know it, we are dealing with bounced checks and overdraft fees.

If you are struggling to make ends meet, and you make the mistake of bouncing checks, then you may be getting charged unimaginable fees that far exceed the rates charged by many payday loan companies.

Many payday loan companies are scrutinized for their repayment fees, but in reality, banks often charge much more to cover bounced checks. For example, a recent study released by the FDIC showed that a typical overdraft transaction fee can cost you a whopping 3,520 percent of your check value ' or higher!

In addition, there are no regulations regarding the banks' overdraft fees, which make it difficult for consumers to look at all of their options. It is with this knowledge that we all must become educated and we must all be aware of our options regarding banks' overdraft fees and how they can seriously affect our monthly budget.

There are a few ways to avoid this predicament and save your hard-earned cash from going down the drain on bank overdraft fees:

' Link your savings account to your checking account. Should your checking account become overdrawn, the bank can simply transfer the appropriate amount of money from your savings account to avoid overdraft fees. Fees associated with this are often minimal, and you may be charged either once a year, or each time the transfer of money is made.

' Establish an overdraft line of credit. Most lines of credit offered by banks are far less costly than typical overdraft fees. However, do your research and compare the fees between several banks regarding overdraft lines of credit.

' Consider a payday loan next time you run low on cash. For many individuals who would not otherwise consider a payday loan, they are often stunned at the costs of overdraft fees vs. payday loan fees. Research your options ahead of time so that you know which avenue to take before you begin bouncing checks.

A short-term payday loan can cover the impending checks due to hit your bank account, which therefore will eliminate any bank overdraft fees.

Consider the fees associated with payday loans and the fees associated with bounced checks. Keep in mind that banks will charge separate fees for EACH check that was bounced due to inefficient funds, which means that three ten-dollar bounced checks can lead to well over $100 in overdraft fees.

There is no substitute for good money management. Being able to balance your checking account and manage it responsibly is vital for maintaining your finances. However, there are times when we all get in a financial bind between paychecks and require assistance to help make ends meet. If this is the case, consider a payday loan to pay your bills, avoid any bank overdraft fees and keep your account in good standing.

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Learn more about a payday advance can help you through any financial difficulty. Take advantage of PayDayOne's no fax payday loans to quickly obtain the funds you need before your next pay check arrives.