It is important for individuals to carefully monitor their money at all times to avoid financial troubles. It is important to keep updated records on your earnings, spending, and the amount of available cash and credit you have on hand. Unfortunately, mistakes and oversight may cause your bank accounts to dip below zero. For people who do not have protection, this may mean insufficient funds charges, returned check fees, and maybe even hot check charges.
It is important to protect yourself against financial troubles and make sure that your accounts are covered in the case of an unexpected event. Many people opt for overdraft protection on their accounts to make sure that they are protected in the event that a charge or check clears without sufficient funds in the bank.
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Many banks charge a small fee for protection, but it is often far less than the penalties the individual may face for over-spending on their account. If a check is cashed before adequate funds are available in the account, overdraft protection will often cover the negative amount and will withdraw the owed funds from the next deposit. This helps account holders avoid insufficient funds and returned check fees. Banks may treat money used as a temporary "loan" and may charge interest on that loan until the amount is repaid.
Some banks set up overdraft protection for their clients by linking the individual's checking account to their savings. In the event of an overdraft, funds from the savings will be automatically diverted to the person's checking account to cover the amount charged. This feature requires that the account holder have money in savings to withdraw, but is often less-expensive than other overdraft plans because it does not require borrowing from the bank.
Individuals considering overdraft protection should inquire about the fees charged by the bank for overdraft protection before signing up for any program. Most protection plans are less-expensive than the costs associated with over-drawing on the account, so it is often wise for individuals to set up protection in case of an emergency or unexpected event.
Individuals suffering from serious financial burdens should consider consulting a legal professional to learn about options for relieving the financial stress. For more information on overdraft protection, bankruptcy, and debt consolidation, visit the website of Boston bankruptcy attorney Joshua Spirn & Associates.
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