Over Draft Protection - Financial Management

Ellen · 11-05-2007, 12:52 PM

Do you have it? We have it - but thankfully have not had to use it. I did notice that Bank of America charges you for using it! Doesn't that defeat the purpose of having the overdraft protection??

Kelsey · 11-05-2007, 12:54 PM

That's weird that they charge you a fee. We have it through USAA so that if we overdraft checking (which thankfully we never have!) it comes out of your savings.

rosebud* · 11-05-2007, 12:56 PM

no, I have friends though that use it like it was their own money.

then wonder why they have no money come payday.

Ellen · 11-05-2007, 01:52 PM

Well, most Overdraft Protection is tied to an existing account or credit card of the account holder....so 'technically' it is their money.

Chevy_Gurl · 11-05-2007, 01:55 PM

We don't have it simply because it's my form to punish us for being stupid if we do spend too much. Thankfully in a year we have only gone over 2xs because there was no communication between us and what was spent.

rosebud* · 11-05-2007, 01:59 PM

Originally Posted by parkwoodmom

Well, most Overdraft Protection is tied to an existing account or credit card of the account holder....so 'technically' it is their money.

yeah but they shouldn't ***** about it when the bank takes it back each payday.. which their bank does.. once they go positive it takes what the took out. leaving them in a vicious cycle.

Ellen · 11-05-2007, 02:01 PM

Originally Posted by rosebud*

yeah but they shouldn't ***** about it when the bank takes it back each payday.. which their bank does.. once they go positive it takes what the took out. leaving them in a vicious cycle.

True.

11-05-2007, 02:02 PM

We have it and so far (knock on wood) have never had to use it.

PrincessBlue505 · 11-05-2007, 02:32 PM

We have it. First it'll take out of the savings. If nothing is in there or it goes over what's in savings, it then goes uses what's available on one of our credit cards.

And we also get charged a fee for using it. I think it's crap, but I also understand it a little as it's extra work for the bank to do that stuff.

We also have never had to use it, but it's nice knowing it's there. I'd rather be charged a fee and have money taken from elsewhere than have a check bounce.

Pebbles · 11-05-2007, 02:33 PM

We have it.

Dh would blow a gasket if we ever used it though. We haven't.

11-05-2007, 12:52 PM	#1 (permalink)
Ellen Loving Life! Join Date: Feb 2006 Posts: 21,995 Blog Entries: 4 Classifieds: (2) Activity: 5% Longevity: 64%	Over Draft Protection Do you have it? We have it - but thankfully have not had to use it. I did notice that Bank of America charges you for using it! Doesn't that defeat the purpose of having the overdraft protection?? __________________ My Guys!!

11-05-2007, 12:54 PM	#2 (permalink)
Kelsey Happy little tree Join Date: Oct 2006 Location: Manhattan, KS Posts: 7,856 Classifieds: (0) Activity: 0% Longevity: 52%	That's weird that they charge you a fee. We have it through USAA so that if we overdraft checking (which thankfully we never have!) it comes out of your savings. __________________ Keep up with all of our adventures with renovating a 1960s ranch house - check out MY BLOG!

11-05-2007, 12:56 PM	#3 (permalink)
rosebud* rosebud*<3 Brittany Jo && <3 thekels9 Join Date: Nov 2005 Location: [wherever his heart is] Posts: 32,651 Blog Entries: 2 Classifieds: (0) Activity: 45% Longevity: 67%	no, I have friends though that use it like it was their own money. then wonder why they have no money come payday. __________________

11-05-2007, 01:52 PM	#4 (permalink)
Ellen Loving Life! Join Date: Feb 2006 Posts: 21,995 Blog Entries: 4 Classifieds: (2) Activity: 5% Longevity: 64%	Well, most Overdraft Protection is tied to an existing account or credit card of the account holder....so 'technically' it is their money. __________________ My Guys!!

11-05-2007, 01:55 PM	#5 (permalink)
Chevy_Gurl Wah Its called life idiot Join Date: Feb 2005 Location: fluffyflubbernickeling Ville Posts: 31,081 Classifieds: (1) Activity: 27% Longevity: 80%	We don't have it simply because it's my form to punish us for being stupid if we do spend too much. Thankfully in a year we have only gone over 2xs because there was no communication between us and what was spent. __________________

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11-05-2007, 02:02 PM	#8 (permalink)
RockstarMom Guest Posts: n/a Activity: 0% Longevity: 0%	We have it and so far (knock on wood) have never had to use it.

11-05-2007, 02:32 PM	#9 (permalink)
PrincessBlue505 Loving being a MOMMY!!! Join Date: Jan 2006 Location: Pensacola, Florida Posts: 4,748 Classifieds: (0) Activity: 8% Longevity: 65%	We have it. First it'll take out of the savings. If nothing is in there or it goes over what's in savings, it then goes uses what's available on one of our credit cards. And we also get charged a fee for using it. I think it's crap, but I also understand it a little as it's extra work for the bank to do that stuff. We also have never had to use it, but it's nice knowing it's there. I'd rather be charged a fee and have money taken from elsewhere than have a check bounce. __________________

11-05-2007, 02:33 PM	#10 (permalink)
Pebbles I am nuckin' futs Join Date: Jul 2006 Location: An expensive plane ticket Posts: 24,984 Classifieds: (0) Activity: 0% Longevity: 57%	We have it. Dh would blow a gasket if we ever used it though. We haven't. __________________ Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.