overdraft protection?

Discussion in 'Credit Talk' started by peeper, Feb 6, 2001.

  1. peeper

    peeper Guest

    Does anyone here have overdraft protection on their checking account and is it hard to get it?Do you have to have good credit?Does it cost extra?

    Thanks!!
     
  2. sam

    sam Well-Known Member

    Most banks offer this to people whom they would give a credit card. (Ie wachovia requires established good credit).

    Usually costs a fee to transfer from line of credit to checking.
     
  3. jamie

    jamie Well-Known Member

    They will pull a credit report. Overdraft protection is nothing more than an installment loan to cover the amount you went over in your account. Our bank charges $7 service charge for each transaction on top of interest.
     
  4. Shantel

    Shantel Well-Known Member

    Hey Sam, I bank with Wachovia also...where do you live? They were trying to get me to apply for their overdraft protection and I said, "No thanks!". I KNEW I'd be denied and that would be just another inquiry to send my BEACON into the gutter.
     
  5. sam

    sam Well-Known Member

    Atlanta. :)

    Their requirements are established (24 months) credit with at least one major creditor, and 0 derogs. (same as their credit card line).
     
  6. Newcomer

    Newcomer Well-Known Member

    If you have an account with your credit union you may be able to get one with them. I did, looonnngg before my derogs were purged off. It's reported to the CRA's as a revolving line of credit and there is no fee per transaction. I look at it as having a credit card with a 500 limit with no annual fee. But that's my credit union....each institution is different.
     
  7. river

    river Well-Known Member

    got it usa a minimum savings account w over $150.00 as overdraft withdrawl is $100.00 Check with your bank
     
  8. lbrown59

    lbrown59 Well-Known Member

    Jamie wrote:
    -------------------------------
    They will pull a credit report. Overdraft protection is nothing more than an installment loan to cover the amount you went over in your account. Our bank charges $7 service charge for each transaction on top of interest. ==================================
    Here's a better way !
    I put X$ in my checking account but don't list it in the check book:
    Nice part is no fees,inst.charges or cra report and I collect the the insterest instead of the bank:
    Been doing it for 15Yrs.=Works like a charm!
     

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