the Price of Overdraft Protection

The service I received was overdraft protection for my checking account. The cost was $15.00 per transaction. What this gave me was if I wrote a check and didn't have the money they would cover it with my credit card and then also charge me a fee of $15. I wasn't ifnormed of these fees until I had to use them.

I cancelled the service as I was never really told what the costs involved were. One thing I did realize when I would check my account online is that they always charged the fee even if I had put the money in the account on the same day and early. Your charges come out first. Also, I thought the money would come out of my linked savings when in fact it was charged to my linked credit card (not debit card). So I incurred credit card charges also. I feel the costs are extremely high for what you get. You could conceivably incur costs of over $20 per transaction based on writing a check for two cents over your balance.

Best thing to do is watch your checking account closely. Make sure there are no extra charges coming out of your account which could cost you overdrafts. I would like to see the banks link somehow your savings and checking and when overdrafts occur withdraw from your savings.