Overdraft protection plans prevent you from experiencng an insufficient funds, or overdraft, situation. In general, they do this by providing an inflow of money into your account that is at least sufficient to cover your Bad checks or similar withdrawals Insufficient funds (NSF) fees and penalties There are three principal arrangements that may be used to provide overdraft protection to a checking account holders an automatic funds transfer agreement, an automatic overdraft loan agreement, and courtesy, or "opt-in," overdraft/bounce protection. How do they compare? The methods differ in the uses and costs used to remedy the insufficient funds situation. However, they are all similar in that each is more expensive than the practice of good checking account management Read each of the following statements, and indicate which overdraft protection arrangement is being descnbed, - Involves an automatic loan from the bank to the account holder in the amount of the insufficient check without notifying the account holder and the account holder's payment of a large flat NSF fee and the repayment of the borrowed funds, usually less than a month. This describes This program is usually provided automatically to bank customers, unless explicitly dedined, and requires the account holder to practice good account management to avoid relatively expensive bank penalties. This describes This program could still result in an overdraft the account holder's savings account does not have sufficient funds to cover the overdraft. This describes Overdraft protection plans prevent you from experiencng an insufficient funds, or overdraft, situation. In general, they do this by providing an inflow of money into your account that is at least sufficient to cover your Bad checks or similar withdrawals Insufficient funds (NSF) fees and penalties There are three principal arrangements that may be used to provide overdraft protection to a checking account holders an automatic funds transfer agreement, an automatic overdraft loan agreement, and courtesy, or "opt-in," overdraft/bounce protection. How do they compare? The methods differ in the uses and costs used to remedy the insufficient funds situation. However, they are all similar in that each is more expensive than the practice of good checking account management Read each of the following statements, and indicate which overdraft protection arrangement is being descnbed, - Involves an automatic loan from the bank to the account holder in the amount of the insufficient check without notifying the account holder and the account holder's payment of a large flat NSF fee and the repayment of the borrowed funds, usually less than a month. This describes This program is usually provided automatically to bank customers, unless explicitly dedined, and requires the account holder to practice good account management to avoid relatively expensive bank penalties. This describes This program could still result in an overdraft the account holder's savings account does not have sufficient funds to cover the overdraft. This describes
