Even those of us who balance our checkbooks to the penny can find ourselves faced with a denied ATM/Debit Card transaction. Unexpected expenses, a spouse who forgot to share an ATM withdrawal, or maybe it was that extra trip to the gas station…the list goes on. Now you can control what happens when you swipe your debit card to make that purchase that puts you over the edge.
What happens when you opt in?
If your account would go below zero, the bank may authorize your debit card transaction so you can get gas when you need it, only if you have opted-in to the overdraft service. If you choose to take advantage of the service, you will see that overdraft charge on your statement. By opting in, it puts you in control. If you need to overdraft, the service is there, but you will never be charged if you keep a positive balance.
What happens if you opt out?
Your transactions that dip into the negative will be declined and the merchant will request you pay with another form of payment, if you have one available. For those that have repeated trouble balancing their checkbook this might be the right choice.
What if you want overdraft protection but do not want to Opt In?
Products like a line of credit attached to your account that covers overdrafts are an option. They charge interest like a loan, and sometimes have annual fees. In addition, you need to pass a credit check to get one.
So what to do?
Watch your balance; manage your overdrafts and Opt In for those emergencies. You will not have to worry about being charged fees if you keep your balance in the positive! The bank offers you many ways to do this including mobile banking, online banking, along with text and email alerts.