Managing Your Checking Account With Overdraft Protection Programs

The need for knowledge on the best Bank Overdraft Protection Programs is an important

aspect to this once mandatory requirement by many of the financial institutions. The new regulations by the federal government have made it a requirement that the banks allow people to opt in of this once main stay part of their checking accounts. This is no longer an automatic thing.

This became a requirement on August 15, 2010. The choice is now yours to make. If you frequently bounce checks or have a negative balance, then there is a decision to make. Bouncing a check for insufficient funds has many disadvantages including the fees associated with this type of transaction, along with a negative mark on your credit score. If you have protection the only fee is generally with your bank, but this is dependent on what type of checking account you have.

In 2009, the New York Times reported that the financial industry made over $20 million in overdraft fees. This is a figure you should consider if you are nearing a balance of $0 in your account.

In 2010, Chase checking account holders will no longer be charged a fee if the overdraft is less than $5.00. This only occurs if the account has been enrolled for their overdraft protection. Bank of America offers roughly the same thing, but the upper limit is $10.00. Capital One Bank has the same $5.00 limit as Chase. All of these financial institutions do have fees that carry from $20 to $35 for each check that overdraws your account by more than the stated amount.

Past surveys have shown only 14% of banking customers account for over 90% of all overdraft fees. The best Bank Overdraft Protection Programs are not to be in this 14% and never spend more than you actually have in your account. Manage your money so you will never have to pay this fee, and know the current bank rates so you know where you stand against these financial giants.

by: Noah L Diaz

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