For those of you who haven't opened an account in the past 6 months, it would be wise of you to inquire about this feature. If your account doesn't accrue overdraft protection charges, be sure to ask about the other bank fees related to making purchases. For instance, what is the fee for using an ATM at another bank other than your home bank? With my account, this not only triggers a fee that I must accept on the screen, but my bank also charges me a fee as well. Is there a fee for writing a check? Unless you have a free checking account, writing checks comes at a minimal price similar to stopping a check once it's been exchanged.
Currently on my account, I do have overdraft protection! However, instead of using the bank’s money, my checking account is attached to my savings account. Although I haven’t used this feature since my college days, it is a much safer method of overdraft protection! Depending on your bank, there may be a charge for this service as well. If I can be frank, which I will, OPT out of the program! If you trully want to learn how to
keep track of your spending and budget your life, a simple decline at the register is the easiest way to learn this lesson. Personally, I'd rather this slap on the hand versus the $35.00 fee slapped on my account.
Bank Comparisons: Overdraft Protection