I have my checking and savings accounts with Wells Fargo and lately every time I have gone in to make a deposit, they start pestering me about adding overdraft protection on my account. Does anyone bank with them and know if they check your credit for this or what their application for overdraft protection entails??
MY IN-LAWS DO... The OVER-DRAFT PROTECTION is like a STAND-BY LOAN...usually $500-1,000...just sits there collecting dust...but will go into ACTION if you are overdrawn...usually $100 min...and if you needed $112.22...they would do $200... Usually charged at like 18% or more interest rate compounded daily...but it is still better than paying BOUNCE FEES!!! <oops> MORE Since it is a "LOAN" you would have to APPLY for it...
ok, I just don't want them to pull my credit right now. They were saying it was in the form of a credit card.
Their "overdraft protection" *IS* an actual credit card. The only difference is that they tie it to your checking account, to cover any overdrafts you may have. They also charge $10 if you overdraw and have to use the overdraft protection.
