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Bank overdraft

A Bank overdraft is a type of credit that allows you to exceed your bank account balance without being penalized for ISF or Insufficient Funds. Generally your bank or credit card institution will offer this as protection against going over your spending limit. Basically when approved by the lender the credit limit is established and agreed upon by you and the lender and you don't have to disclose what the overdraft was used for. The only thing is you have to pay the interest that has accumulated from using your overdraft feature.
Generally the way the bank overdraft works is upon establishing a limit your bank will allow you to charge over your current bank account balance up to the pre-established credit limit. There may be a penalty fee and higher interest rate as a result. Make sure you work out the fine points with the bank first in case they charge for mailing out reminder letters, direct account withdrawals or checks. In some cases the bank and place a hold on your account until the balance of the overdraft is paid in full. This means that you will not have access to your account or any money in it until the Overdraft is paid. There's also a monthly service fee and set up fee banks may charge for having the overdraft added to your account. In some cases this can be quite costly especially if you overdraft more money and pay off slowly.
Remember when considering a bank overdraft, they do charge interest on outstanding balances until the payment is made, but generally it only for a few days or until your next direct deposit on payday. The only problem with this type of credit program is the latent fees charged by the bank. But first let's review the different types of overdraft programs available. There are a number of overdraft protection plans available and several different ways your bank will allow you to cover the overdraft payment. Each type of credit bank overdraft has a special set of advantages and disadvantages. This is very important to differentiate:

  • ISF Overdraft Protection Plans - A number of banks offer this overdraft protection plan as a courtesy to cover all checks and ATM transactions which otherwise result in an Insufficient Fund charge to your account. Depending on your bank and credit history some banks will automatically enroll customers into this type of overdraft protection plan. This means that you could have it and not know you do! Remember this is not free money and does come with a price to use this overdraft protection services. Generally, banks will charge anywhere from $20 to $30 per overdraft transaction and there's no guarantee all your transactions will be covered.
  • Saving account Links - There are a number of banking institutions that will allow their account holders to link a savings account to their active checking account to serve as an overdraft protection tactic. Generally this only occurs when the checking account is overdrawn then the back automatically takes the money from the saving account to cover the balance. Although there's no interest charge savings account linking may have a per transaction fee associated, so make sure to check first.
  • Credit Card Links - This overdraft functions serves the same function as the saving account links only it draws the funds from a credit card instead. In most cases the bank will consider this transaction as a cash advance. Therefore certain fees and interest rates may apply to both your checking and credit card account.
  • Lines of Overdraft Credit - Using this type of overdraft plan the customers actually applies for unsecured loans, intended to cover any overdrafts on your checking account. This line of credit generally doubles the interest rate over time. Therefore it's in your best interest to pay it off quickly and as much as possible to avoid heavy charge fees. Banks such as Citibank use this method frequently and it most certainly comes in handy just before payday.

     
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