trouble with overdraft protection

[tokimo]

Hi, I’m new account holder in a bank and doesn’t no anything about overdraft protection but I have some trouble with overdraft protection in my checking account, I have a question that on what manner can I have the overdraft protection on my checking account and how can I avoid the overdraft protection. Guidance is appreciated.

[tokimo]

Hi, I’m new account holder in a bank and doesn’t no anything about overdraft protection but I have some trouble with overdraft protection in my checking account, I have a question that on what manner can I have the overdraft protection on my checking account and how can I avoid the overdraft protection. Guidance is appreciated.

can anyone give information on overdraft protection.

[hoob]

Hi, I’m new account holder in a bank and doesn’t no anything about overdraft protection but I have some trouble with overdraft protection in my checking account, I have a question that on what manner can I have the overdraft protection on my checking account and how can I avoid the overdraft protection. Guidance is appreciated.

Overdraft protection is usually an optional feature of a bank account where you can access more money than is actually available in your account, up to a certain limit. For example, an account with $300 in funds and $1000 of overdraft protection lets you access (write a cheque, withdraw at an ATM, etc) up to $1300.

Depending on the account package and fees you're paying, the overdraft protection itself may be free (usually included with "premium" account packages where you alread pay a high monthly fee), or may require a monthly fee on its own ($2-$5/month.)

Once you go below $0 on the account and start accessing the protection (anything over $300 in the previous example) the bank will also immediately charge you relatively high interest, until you bring the balance back to $0.

Overdraft protection is useful if you have difficulty keeping track of your balance, or have a deposit schedule that doesn't always synchronize well with your payment schedule, for example monthly paychequest but mortgage payments every two weeks. It is also good if the monies you deposit are unreliable, have extended hold times, etc (for example, you're a landlord and your tenant chequest sometimes bounce, you deposit cheques in foreing funds, etc.)

Overdraft protection is NOT a credit facility, it's a safeguard. If you need to access funds in excess of what is in your account on a regular basis, other bank products such as loans and lines of credit are much better.

If you have overdraft protection and think you do not need it, go to your bank and ask for a different banking package. If in fact you don't have it and wish to add it to your account, most banks will also sell you the service. But remember that since since Overdraft Protection lets you "borrow" money from the bank, having this feature is subject to the bank's approval after verifying your account history, credit rating, amount of overdraft protection requested, etc: it's not an automatic thing.

[tokimo]

Overdraft protection is usually an optional feature of a bank account where you can access more money than is actually available in your account, up to a certain limit. For example, an account with $300 in funds and $1000 of overdraft protection lets you access (write a cheque, withdraw at an ATM, etc) up to $1300.

Depending on the account package and fees you're paying, the overdraft protection itself may be free (usually included with "premium" account packages where you alread pay a high monthly fee), or may require a monthly fee on its own ($2-$5/month.)

Once you go below $0 on the account and start accessing the protection (anything over $300 in the previous example) the bank will also immediately charge you relatively high interest, until you bring the balance back to $0.

Overdraft protection is useful if you have difficulty keeping track of your balance, or have a deposit schedule that doesn't always synchronize well with your payment schedule, for example monthly paychequest but mortgage payments every two weeks. It is also good if the monies you deposit are unreliable, have extended hold times, etc (for example, you're a landlord and your tenant chequest sometimes bounce, you deposit cheques in foreing funds, etc.)

Overdraft protection is NOT a credit facility, it's a safeguard. If you need to access funds in excess of what is in your account on a regular basis, other bank products such as loans and lines of credit are much better.

If you have overdraft protection and think you do not need it, go to your bank and ask for a different banking package. If in fact you don't have it and wish to add it to your account, most banks will also sell you the service. But remember that since since Overdraft Protection lets you "borrow" money from the bank, having this feature is subject to the bank's approval after verifying your account history, credit rating, amount of overdraft protection requested, etc: it's not an automatic thing.

Hi,thanks for your info...

[tokimo]

Anyone can guide me more about overdraft.

[netriones]

You have all your answer in your signiture link. This is not a effective way to get traffic. Go buy some google ads.

[WHO]

I'm not sure what more info you're looking for. You have a very good breakdown by hoob, and you have the banks' websites that will inform you on the different options/fees. Every bank has its own policies, luckily every bank also has a web site.