Comments on: Understanding Overdraft Protection and Fees http://www.moneyunder30.com/overdraft-protection-fees Simple, Honest Financial Advice Thu, 09 Feb 2012 22:53:06 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: rein http://www.moneyunder30.com/overdraft-protection-fees/comment-page-1#comment-5003 rein Thu, 08 Apr 2010 04:05:09 +0000 http://www.moneyunder30.com/?p=4537#comment-5003 So if i say I have a $100 deduction for an OVERDRAFT PROTECTION, does this mean I have a spare of $100 that the bank keep just in case i dont have enough on the checking account.? So if i say I have a $100 deduction for an OVERDRAFT PROTECTION, does this mean I have a spare of $100 that the bank keep just in case i dont have enough on the checking account.?

]]> By: David Weliver http://www.moneyunder30.com/overdraft-protection-fees/comment-page-1#comment-4613 David Weliver Fri, 12 Mar 2010 19:45:28 +0000 http://www.moneyunder30.com/?p=4537#comment-4613 Good point, Honey. I have this option set up on my account, although oddly enough there is still a $5.00 fee if I were to use it (certainly better than $35). That linked savings account ends up being just for OD protection because it has such a low interest rate. The other options that some banks offer are overdraft lines of credit. They require a credit check and instead of charging a flat fee, they simply charge interest on the amount your are overdrawn. If you repay ovedrafts quickly, that easily the least-expensive option. Good point, Honey. I have this option set up on my account, although oddly enough there is still a $5.00 fee if I were to use it (certainly better than $35). That linked savings account ends up being just for OD protection because it has such a low interest rate.

The other options that some banks offer are overdraft lines of credit. They require a credit check and instead of charging a flat fee, they simply charge interest on the amount your are overdrawn. If you repay ovedrafts quickly, that easily the least-expensive option.

]]> By: Honey http://www.moneyunder30.com/overdraft-protection-fees/comment-page-1#comment-4612 Honey Fri, 12 Mar 2010 19:39:32 +0000 http://www.moneyunder30.com/?p=4537#comment-4612 Whatever happened to linking a savings account to your checking account and using that as overdraft protection? Whatever happened to linking a savings account to your checking account and using that as overdraft protection?

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