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I caught the end of this

What are they talking about today is the day for protection for over draft at the bank. So are they saying there is no fee for the protection.

 
mamaofficer

Asked by mamaofficer at 6:13 PM on Aug. 16, 2010 in Money & Work

Level 31 (50,120 Credits)
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Answers (10)
  • silversmom is right about what overdraft protection is.

    Though I disagree with buying a gallon of milk and a loaf of bread for $38.50.
    Erica_Smerica

    Answer by Erica_Smerica at 8:46 PM on Aug. 16, 2010

  • Permission for overdraft protection. It's so you can write a check/ pull from the ATM more than you have in the bank without getting your transaction denied.
    Example: your milk and bread cost $3.50 but you only have $2 in the bank. Without overdraft protection you go home with no milk or bread. With it you get you milk and bread, but it cost you $38.50 due to the overdraft fee of $35. I'd rather have that protection and risk a $30 gallon of milk than not have milk.
    silversmom

    Answer by silversmom at 6:25 PM on Aug. 16, 2010

  • they want you to sign up to allow overdrafts to happen so they can charge you when it happens - you know, that thing they've been doing for years that has been outlawed unless you give them permission
    figaro8895

    Answer by figaro8895 at 6:14 PM on Aug. 16, 2010

  • No, it doesn't apply only new accounts. It took effect sometime in July for new customers. Today starts with existing customers. You need to opt in if you want an overdraft fee if you spend more than what is in your account. Opt out if you don't want a fee but will be denied purchases if you don't have the money in your account. I believe (not sure) it doesn't apply to bills that are automatically taken out of your account. Check with your bank for better info.

    Christine0813

    Answer by Christine0813 at 6:22 PM on Aug. 16, 2010

  • No it's not free but yo do have to opt in now.
    itsmesteph11

    Answer by itsmesteph11 at 7:16 PM on Aug. 16, 2010

  • the overdraft protection involves just attaching a savings account or a credit card to your checking. no monthly fee, but there is a transfer fee if it is used (i.e. if you overdraft and the bank transfers money from the backup account, there's a charge probably around $10 for each transaction...)
    figaro8895

    Answer by figaro8895 at 6:16 PM on Aug. 16, 2010

  • why would anyone '"Give permission"" to be in overdraft. If this is a check that should have been paid, and it's due to be paid to that company, you already get a fee charged called a late fee. I wouldn't ever let a bank control my money . That 's the beauty of having places like mini-markets that sell cheap money - orders. 65c a money order. No late fee, or overdraft there.
    coffeeyum

    Answer by coffeeyum at 6:18 PM on Aug. 16, 2010

  • My overdraft protection takes money from my savings when there isn't enough in my checking, and it's $3 everytime I use it. Of course I try not to use it but I know I can get to my money when I need it
    skittles1108

    Answer by skittles1108 at 7:30 PM on Aug. 16, 2010

  • Thanks ladies
    mamaofficer

    Comment by mamaofficer (original poster) at 6:29 PM on Aug. 16, 2010

  • And it only applies to new accounts, so if your not opening a new account, yours will remain how it's been.
    silversmom

    Answer by silversmom at 6:16 PM on Aug. 16, 2010

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