News, Raw Deal: Overdraft protection. (pay, credit, checking account, charge)

[JD59]

Automatic overdraft loans can look like a consumer's best friend, but they can come at a steep cost.

NEW YORK (CNNMoney.com) -- Terry Read transferred $400 into his wife's checking account on a Friday.

Raw Deal: Overdraft fees and overdraft protection plans - Aug. 15, 2008

[sonarrat]

I have a $10,000 overdraft credit line attached to my Citibank checking account. It costs me $5 a year and saves me a lot of headaches, but there are some other institutions who don't charge a fee and I wish I had known that.

[BankREO]

One thing you can also do is ask the bank to set your over-draft limit too $0.00 so it will actually decline the transaction if you don't have the money. Most banks set the limit based on your average balance and age of your account.

[texdav]

I don't pay anything but of course I also have accounts that have alot more money in them ;so maybe that is why.