BANKING AFFAIRS

Detailed explanation-1: -Overdraft protection is a guarantee that a check, ATM, wire transfer, or debit card transaction will clear if the account balance falls below zero. There may be heavy fees and interest associated with overdraft protection, depending on the kind of linked account used.

Detailed explanation-2: -Overdraft protection is an agreement with the bank or financial institution to cover overdrafts on a checking account. This service typically involves a fee and is generally limited to a preset maximum amount.

Detailed explanation-3: -If you choose to opt in to debit card and ATM overdraft, you are usually allowed to make ATM withdrawals and debit card purchases even if you do not have enough funds at the time of the transaction. However, you will generally incur fees on transactions that settle against a negative balance later.

Detailed explanation-4: -Sign up for Overdraft Protection and link a savings account to your checking account. So, if you spend more money than you have in your checking account, we’ll automatically transfer money from your savings to cover the difference-for free.