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How to Get Emergency Cash

When you urgently need cash, check out options for emergency cash from banks. Many banks offer reasonably priced, small loans that enable you to write a check for more than what you have in your account and repay the money later. One example is an overdraft line of credit, which means the bank will automatically cover checks you write, up to a specified amount, even if you don't have enough funds in the account. "The best way to ensure that reasonably priced emergency credit will be there if you need it," said Sandra Thompson, Director of the FDIC's Division of Supervision and Consumer Protection, "is to work with a bank to set up an account in advance instead of waiting until you're in a rush to get cash." As with any other line of credit, you will be told the APR in advance of signing a formal agreement.
Alternatively, some banks offer "bounce protection" that will cover individual overdrafts by check or ATM/debit card withdrawal, usually for a fee. This protection typically involves an informal agreement and no APR disclosure. While it can be helpful for rare and limited overdrafts, the costs can quickly add up depending on the number of transactions covered.