That said, the
typical overdraft protection program charges around half of what a bank will charge otherwise, so as long as you have sufficient funds ready in a linked savings account.
These customers however tend to pay more in fees which leads to «involuntary bank account closure rates» that were double than for consumers who did not participate
in overdraft protection programs.
NOTE ON LINKED ACCOUNTS: If you elect to link several accounts to the Credit Union's
Overdraft Protection Program then the fees addressed herein may apply to a linked account that does not have a sufficient available balance to cover your transactions.
Neither your Current Balance nor your Available Balance includes funds from a Personal Credit Line1, Overdraft Protection Sweep2 or
overdraft protection program.
Since banks now can't raise credit card interest rates to 30 % at their will and collect overdraft fees if the customer doesn't explicitly enroll in
the overdraft protection program (in this case the transaction will simply declined if there isn't enough fund in the account), they are looking for other ways to make up what could be billions of dollars in lost revenue.
Our Overdraft Protection program provides convenient automatic transfers from your linked savings account to cover transactions if your checking account balance drops too low.
Courtesy Pay is
an Overdraft Protection program that gives you the privilege to overdraw your checking account and InvesTex may pay the debiting item up to a predetermined limit for a per item fee.
See if your bank's
overdraft protection program is worth signing up for.