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Originally Posted by thriftymom
So, it's not a credit line- is that still overdraft?
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Most banks come with some type of <i>overdraft limit</i>, something that the bank does not consider overdraft protection, which allows you to go a certain amount negative in your account and charges an overdraft fee. Some banks also charge a fee for everyday you stay negative.
<i>Overdraft protection</i> is generally either a credit line or credit card linked to your checking which will pull funds (and charge interest, and possibly an annual fee), or a set up for money to pull from your savings account.
Personally, I just have an overdraft limit since that comes automatically with my checking account. Haven't used it yet *crossing my fingers*