Description of service
The "service" is to actually cover the check so that it doesn't bounce. I do not have "overdraft protection" so the service is actually a fee of $29. What the service consists of is just my bank covering the money to the payee of my check or debit gets their money . In addition, if I do not have the money in the account to cover the overdraft within 5 business days, they start charging $5 a day after that in addition to the original $29 fee.
Review of Service
On one end of the spectrum, it is a good thing so that I don't have to worry about additional check bounce fees. Not to mention all of the embarassment and hassle that comes along with a bounced check. On the other hand, it sucks to have to pay $29 each time this happens. It happened to me a lot more before the days of online banking because I was bad at balancing my checkbook. However it hasn't been so bad with online banking because it is easy to see how much I have in my account. Still, it is terrible to pay a fee of $29. I would rather get some overdraft protection but haven't gotten around to getting that taken care of.
Tips
My tip is to get overdraft protection because the overdraft fees are terrible to deal with and $29 everytime that it happens can add up way too much.
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