Description of service
The way the overdraft protection works at the bank that I use is that you have to apply for a credit line. They call it a cash reserve line. How it works is that you apply for this credit line and it you overdraft your account it will pull the funds in incremements of $100.00 from this credit line and transfer it into your checking account to cover the overdraft. When this happens you do not incur the overdraft fee. All you have to do is pay the credit line back.
Review of Service
The service is ok. I would rather have the oversraft protection come from my savings account but it is good to have the protection. The one good thing about it is that if you pay the credit line back before the 30 day time periods is up you do not incur any finance charges. If you do not have the money you can pay it back with the money minimium balance so it gives you time to pay it off but you will incure the finance charges.
Tips
Before youapply for and overdraft protection make sure that you know how it works. Whether it be pulling the money from your savings or from a credit line. Also make sure that you are finding out if there are any fees associated with it.
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