Personal Finance
Better Finances for a Better You
Topic: "Overdraft"
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Infographic of the week
Overdraft Protection: What your bank doesn't want you to know
Nobody wants the embarrassment of seeing their debit card declined. To help, bankers came up with a seemingly beneficial solution. Overdraft protection is a service that allows card users to pay for items even if they temporarily do not have the funds, and it can help consumers potentially avoid such awkward problems. However, what seemed like a good idea may have been taken too far: and now, overdraft protection is a key source of profits for banks.
How overdraft protection works, and why it tends to hurt consumers more than it helps →Word of the week
Overdraft
An overdraft occurs when you do not have enough money in your bank account to cover a payment or withdrawal. These transactions may include: - Debit purchases - Bill payments and pre-authorized debits - Cheques - Withdrawals - Transfers between bank accounts
Learn more about getting overdraft protection →← Curating the web to find the most interesting and helpful information about your money.