Making Cents of Overdraft Protection

Jul 31, 2023, 16:14 PM
Title : Making Cents of Overdraft Protection
Video Id : 389812966
Video CTA :
Date published : Dec 11, 2019, 00:00 AM

Today Ascentra is Making Sense of Overdraft Protection”

Overdraft Protection is a service tied to your checking account that for a fee, will allow you to make purchases with a check, debit card, or allow automatic payments to process even if you lack sufficient funds.

Options and fees vary by financial institution.  One option is automatic transfers of predetermined increments from a savings account, when you fall below your available balance. Doing this will incur a fee in the $5 to $12 range.

Another option is tying your account to a line of credit. This also deposits predetermined increments to your account, but instead of a fee, you are charged interest on the amount borrowed. 

Finally, Be careful with  Courtesy Pay  which may charge a fee of up to $40 for every transaction that falls below your balance.

You can opt-out of these services, but you run the risk of being declined for purchases, or being charged Non-Sufficient Fund fees.

Avoid these fees altogether – by reconciling accounts, setting up text alerts, and sticking to your spending plan. 

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Categories :
  • Banking
  • Making Cents
Making Cents - Overdraft Protection
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