What is overdraft protection?
3 types of protection
Line of credit
The cheapest option
How to avoid overdrafts
Pros and cons
- Checks clear and ATM and debit transactions will go through.
- NSF fee avoided if you opt in for overdraft protection.
- You must opt-in for this service from your bank.
- Checking and savings accounts can be linked to save the most on fees.
- Limit the number of fees that can be charged in one day.
- Some online banks offer overdraft protection without fees.
- Without it, you’ll be charged NSF fees if a transaction goes through.
- With it, you could still be charged other overdraft fees.
- Consumers may not know that they can decline overdraft protection and have transactions declined without a fee.
- Fees can add up to more than a purchase.
- Credit line to cover overdrawn amounts will charge interest.
- Transactions may not clear if the backup source is low or empty.
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