Thursday, September 20, 2012

Overdraft Explained

Overdraft protection can be a great thing when you need it, and it saves you money in the long run. But what exactly is it? Read on ...
 
What is overdraft protection?
Overdraft protection is a service that must be requested to transfer funds from your savings or personal line of credit loan to pay for items when there are insufficient funds in your checking account. Fees may apply. 
 
What are the fees?
Overdraft Transfer (savings to checking) $ 10.00
Over Limit (includes line of credit) $ 35.00

If I opt-in to the overdraft protection program will it have a negative effect on my credit score?
As long as the account is negative less than 8 days no fee will assessed and your credit will not be effected.

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