Are You Really Protected?
None of us likes to be embarrassed or humiliated. The memories of those burning emotions can make us relieve the embarrassment years later. But embarrassment doesn't kill us. Nor does it hurt us. In order to avoid humiliation in the areas of finance, many people will sign up for overdraft protection with their bank or credit union. This will ensure that, if a person writes a check or makes a payment through electronic means and there isn't enough money in the account to cover it, then the bank will 'dip' into the overdraft to get the money to pay for the charge. Sounds great, right? Not so fast. There is a monthly fee you will be charged. Plus a fee for when you use the overdraft AND interest on the amount in the overdraft. Or you may decide to use the pay as you go method. I saw one bank that will charge you $5.00 for each day the overdraft is increased or created. Whichever method you use, the charges are going to add up. And you will be contributing to