Description of service
The overdraft protection that I was offered works like a credit line. I applied for the overdraft protection and they let me know that I was approved. How it works is that if I overdraw on my checking account then they transfer over money from the credit line into my checking account. I then receive a monthly statment on the overdraft that tells me what I owe. I have 1 month to pay it back without receiving any finance charges. If I do not pay it back I then receive finance charges at the current interest rate.
Review of Service
This service is ok. I like the fact that they trasfer the money for me so I do not overdrawn my account but I do not like the fact that it is a credit line. I would prefer that it would draw from my savings account. They do give you 30 days to pay it back. I also like the fact that I can just transfer the money from one account into my credit line so I do not have to write a check.
Tips
Check with your bank to see what they overdraft policy is. Check to see if there are any fees associated with using the overdraft.
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