Consider Opting-Out from Your Banks Courtesy Overdraft Protection
May 22, 2009
Some banks offer what is known as “courtesy overdraft” protection or “bounced protection”. It's different from the traditional overdraft protection in that most customers end up getting courtesy overdraft without even knowing they have it. Often, you have to opt-out if you don't want the protection. At first glance, it seems that having the bank cover you if you make a mistake is a good thing to have – after all, it saves you from embarrassment at the checkout line if you have made a mistake and write a check or swipe your debit card for more than what you have available in your checking account, right?