Overdraft protection plan, do you need it?
By kingparker
@kingparker (9673)
United States
June 19, 2010 9:41am CST
Recently, I received my banks solicitation letter about this overdraft protection plan. All it says that this plan will beneficial to me in case of I over withdraw the balance I suppose have, so they won't hit me with a big junk of overdraft fee. I mean, for real, do you really need it? If I would be in good discipline of myself, and I regularly check my balance with careful spending habit, I won't need this kind of plan at all. Sometimes, I even think this is really ridiculous. Hypothetically, if you bought a 2 soda and a candy bar from a grocery store with $2.00 charged to your Debit card; at that moment, you didn't realized that $2.00 already overdraft your balance. On the next statement coming in, you were ripped off with a $35 charge of overdraft fee.
So, if you careful enough, you should not need this plan and been ripped off by your bank.
1 response
@snapdragons (91)
• United States
19 Jun 10
I agree, if you're careful with your bank account and keep track of your debit card purchases, you don't really need this plan. I had a bad habit of not writing debit card transactions down in my bank register and almost overdrew my account because of it once so now I write every transaction down as I make them.
@kingparker (9673)
• United States
19 Jun 10
Keep good record of your existing balance is another way to go. Why not discipline yourself, and save all that trouble, and not get ripped off by your bank.
