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4 Types of Bank Overdraft Programs

Bank Overdraft programs can be beneficial. Here are few different programs that may work for you. 1. Courtesy overdraft-protection, or bounce coverage, plans: These plans may be offered to new clients automatically and will cover overdraft fees as they occur. Be sure to review the terms of this coverage to avoid additional fees. 2. Linked savings account: Some banks will allow customers to link a savings account to their checking account. As long as you have money in your savings account, you’re covered. 3. Linked credit cards: The bank allows the account to be linked to a credit card. If an overdraft occurs, the additional amount necessary to cover the transaction will be charge to the credit card associated with the account. 4. Overdraft line of credit: This option requires that the customer apply for an unsecured amount of credit designed solely to cover any checking account overdrafts. All 4 of these options may involve paying fees or surcharges. You should make sure that you understand and really need a bank overdraft program before signing up for one.
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