Today's Advice from a Billionaire: "Don't Be an Overdraft Sucker!"
|This is Bank of America's overdraft protection diagram. Seriously.|
Beware, his banker cautioned. If Mr. Sorenson used the card to buy gas, the station might place a hold on his account and he might not be able to fill up at all, even if he had enough money in the bank to cover a full tank.So happens that Dallas Mavericks owner touches upon this very topic this morning in a blog item titled "How to Get Rich Part 1a." Long story short, writes Cuban: "Dont be an overdraft sucker!"
"My impression was that it was something he'd been briefed on," said Mr. Sorenson, an architect who said he had tired of paying multiple fees when the bank automatically covered shortfalls on his debit card. "He was trying it out on me."