Home  Finance Articles  Discussion  Our Blog / Member Blogs           
SavingAdvice.com Logo Frequent Flyer Mile Credit Cards
Teaching you to Save Money

Go Back   Personal Finance Forums > Financial Chit Chat > Personal Finance

Personal Finance Credit cards, home loans, retirement plans and taxes. The place for all your personal finance questions.

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 04-03-2006, 02:00 AM
Bruce Wayne's Avatar
Bruce Wayne Bruce Wayne is offline
$ Saving Jr. College Student
 
Join Date: Jul 2005
Posts: 353

Points: 13228.00
Donate
Default Do you have an overdraft

Over three million Britons are said to have a permanent overdraft at their bank. Such levels of debt clearly leave a lot of people vulnerable to even the smallest interest rate rises.

Do you have an overdraft and how much do you use it?
__________________
Compare loan prices
Reply With Quote
  #2 (permalink)  
Old 04-03-2006, 04:01 AM
CJsoccerchic CJsoccerchic is offline
$ Saving Jr. College Student
 
Join Date: Aug 2005
Posts: 410

Points: 5003.70
Donate
Default Re: Do you have an overdraft

No overdraft protection here - and I stay under the amount that I have - I frequent my bank accounts VIA online so I make sure that things are looking good and nothing fishy is going on.,..
Reply With Quote
  #3 (permalink)  
Old 04-03-2006, 01:01 PM
PrincessPerky PrincessPerky is offline
$ Saving Assistant Professor
 
Join Date: Nov 2004
Location: Charlotte NC, USA
Posts: 4,379

Points: 63289.31
Donate
Default Re: Do you have an overdraft

I have a 'missing digit' in the thousands place, I have no bills over 1000 so if I screw up it is covered, I just have to put the digit back when a balance, it is my 'free overdraft protection'
__________________
"You didn't take it, I gave it to you" -Matchstickmen

DimeEd.com Education on a dime for anyone, anywhere!
Wixx's Wasteland
Reply With Quote
  #4 (permalink)  
Old 04-03-2006, 01:45 PM
Ima saver's Avatar
Ima saver Ima saver is offline
$ Saving College Dept. Head
 
Join Date: Dec 2005
Location: North Georgia
Posts: 7,791

Points: 92594.40
Donate
Default Re: Do you have an overdraft

I don't really know. I have only had a bounced check once. I made up a deposit and never made it. I thought i did. That was before I had a computer. Now I check my checking accounts every day. I balance mine too, by hand, but not as quick as I should.
Reply With Quote
  #5 (permalink)  
Old 04-03-2006, 02:27 PM
Thrifty Ray's Avatar
Thrifty Ray Thrifty Ray is offline
$ Saving College Freshman
 
Join Date: Mar 2006
Location: Oregon
Posts: 564

Points: 9226.40
Donate
Default Re: Do you have an overdraft

I have overdraft protection, as I would rather pay a small finance charge for an error than an NSF fee. I keep the overdraft paid off...if I do tap into it (thanks to my DH having a debit card ..grrr..) I know it same day- next at latest...because I check my account daily...and pay the overdraft back right away. (finance chare is usually zero or just a few pennies)...If I didn't have that protection, each boo-boo would be $25 (ouch)

Funny story...here recently my dog (Grace, whose blind and senile) sniffed out DHs brownies off the counter and ate them...I called DH and suggested he pick up a mix to make some more if he wanted some that night. So he did.. a fancy kind that he spent more than I ever would have...later that night I check the account and there is a $9 debit from the store....NINE DOLLARS FOR BROWNIES...so I went storming off upstairs and ranted about the brownies...come to find out he had snuck in an extra $5 cash back for himself...Boy was he shocked that he couldn't get away with it for even a few hours LOL...
__________________
"Work like you don't need money, Love like you've never been hurt, and dance like no one's watching" Satcheil Paige
Reply With Quote
  #6 (permalink)  
Old 04-03-2006, 02:40 PM
Ima saver's Avatar
Ima saver Ima saver is offline
$ Saving College Dept. Head
 
Join Date: Dec 2005
Location: North Georgia
Posts: 7,791

Points: 92594.40
Donate
Default Re: Do you have an overdraft

That is cute!!
Reply With Quote
  #7 (permalink)  
Old 04-03-2006, 02:47 PM
jmjj215's Avatar
jmjj215 jmjj215 is offline
$ Saving College Senior
 
Join Date: Sep 2004
Location: In My Office
Posts: 1,658

Points: 22288.20
Donate
Default Re: Do you have an overdraft

If you operate on a budget, overdrafts aren't a part of your vocabulary!
Reply With Quote
  #8 (permalink)  
Old 04-03-2006, 04:35 PM
Tree0164 Tree0164 is offline
$ Saving College Junior
 
Join Date: Apr 2004
Posts: 1,267

Points: 15372.50
Donate
Default Re: Do you have an overdraft

I do have overdraft of $1,000. I may dip into it once or twice a year.
Reply With Quote
  #9 (permalink)  
Old 04-03-2006, 09:38 PM
JoyJoy JoyJoy is offline
$ Saving College Freshman
 
Join Date: Dec 2005
Posts: 562

Points: 10816.70
Donate
Default Re: Do you have an overdraft

I have a $500.00 overdraft line of credit but I haven't had to use it....not yet.
Reply With Quote
  #10 (permalink)  
Old 04-04-2006, 07:38 AM
cicy33 cicy33 is offline
$ Saving College Sophomore
 
Join Date: Jun 2005
Location: Southern Illinois
Posts: 847

Points: 9031.20
Donate
Default Re: Do you have an overdraft

We have overdraft on both our checking accounts but we didn't request them the bank just gave them to us. It has come in handy a time or two. But we don't pay interest we just pay the charge to pay the check and go on. I would rather pay them the fee than to actually bounce a check. We definitely try to never do that but it has happened occasionally, usually when hubby forgets to tell me about a debit! I think that they are both $500.
__________________
makingmoneyfromhomeinfo.com
Reply With Quote
  #11 (permalink)  
Old 04-06-2006, 11:03 AM
NoWayNovember's Avatar
NoWayNovember NoWayNovember is offline
$ Saving Fifth Grader
 
Join Date: May 2005
Location: Kansas City, MO
Posts: 45

Points: 450.00
Donate
Default Re: Do you have an overdraft

As a bank employee, I have it on my account automatically, but I don't plan on using it. Why pay them 18% interest on the outstanding balance when it's so easy to avoid it!
Reply With Quote
  #12 (permalink)  
Old 04-07-2006, 09:08 PM
Snoopy2645 Snoopy2645 is offline
$ Saving College Freshman
 
Join Date: May 2005
Location: IA
Posts: 731

Points: 9128.70
Donate
Default Re: Do you have an overdraft

I have it on mine I got it when I quit working FT to be a sahm about 5 yrs ago it was hard getting used to one income!! I very rarely use it but I feel good knowing its thier but of course I feel very bad if I dip below & have to use it. Which I maybe do 1 time a year now that I am working again.
Reply With Quote
  #13 (permalink)  
Old 04-11-2006, 02:33 PM
Haku Haku is offline
$ Saving HS Junior
 
Join Date: Apr 2006
Posts: 232

Points: 4376.20
Donate
Default Re: Do you have an overdraft

No, I don't overdraft. A tight budget helps greatly in that respect.

Yes, I have overdraft protection in the way of my emergency fund sitting in a money market account. Setting it up was free, so why not?
Reply With Quote
  #14 (permalink)  
Old 04-11-2006, 05:34 PM
BAGAGT1 BAGAGT1 is offline
$ Saving HS Junior
 
Join Date: Jun 2005
Location: Illinois
Posts: 209

Points: 2368.40
Donate
Default Re: Do you have an overdraft

I have overdraft protection, but the bank gave it to me (wouldn't pay for it), and I haven't had to use it in almost 9 years.
Reply With Quote
  #15 (permalink)  
Old 04-11-2006, 05:44 PM
gavinmccallister's Avatar
gavinmccallister gavinmccallister is offline
$ Saving HS Senior
 
Join Date: Apr 2005
Location: Weaverville, NC
Posts: 275

Points: 8050.50
Donate
Default Re: Do you have an overdraft

I have overdraft and only used it once don't like to use it but sure beats a $25 NSF fee.
Reply With Quote
  #16 (permalink)  
Old 04-11-2006, 06:27 PM
PRICEPLUS's Avatar
PRICEPLUS PRICEPLUS is offline
$ Saving College Senior
 
Join Date: Nov 2004
Location: New York State of Mind
Posts: 1,893

Points: 201181.98
Donate
Default Re: Do you have an overdraft

My wife has overdraft protection and uses it like a credit card. I have called her on it and she has promised to do it no more. We shall see. Can you imagine 21.9%. Sheesh!
Reply With Quote
  #17 (permalink)  
Old 04-11-2006, 08:03 PM
thriftymom thriftymom is offline
$ Saving Jr. High Schooler
 
Join Date: Mar 2006
Location: Northeastern USA
Posts: 82

Points: 1422.20
Donate
Default Re: Do you have an overdraft

It comes with our checking account. Never used it. If we needed it, they would charge $5/day. The money would come from our Savings Account if it is needed. So, it's not a credit line- is that still overdraft?
Reply With Quote
  #18 (permalink)  
Old 04-18-2006, 09:08 PM
ender513 ender513 is offline
$ Saving Sixth Grader
 
Join Date: Oct 2005
Location: Seattle, WA
Posts: 57

Points: 1007.40
Donate
Default Re: Do you have an overdraft

Quote:
Originally Posted by thriftymom
So, it's not a credit line- is that still overdraft?
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*
Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Increase overdraft or pay off loan? magnate Personal Finance 1 12-07-2006 01:14 PM
Courtesy Overdraft Protection jeffrey Personal Finance News, Articles & Blog Posts 0 03-24-2006 08:18 AM
Bank Courtesy Overdraft Bounced Check Service jeffrey Banking, Insurance, Investing 0 08-08-2004 06:28 AM


All times are GMT -7. The time now is 11:32 PM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.
More Links Home Loan | Debt Consolidation Loans | Refinance Home Mortgage | Finance Options

About Us | Advertising | Privacy Policy | Link To Us | Related Resources | Webmasters | Media | Site Map | Contact Us

Copyright ©2002-2008 SavingAdvice.com. All rights reserved.

Please read our Disclaimer

 

Featured Sponsors
IVA uk definitive guide
Bad Credit Loans
IVA Forum
IVA Book
Private Student Loans
Credit Cards
Payday Loans
moving
Student Loans
Online Shopping
Dell Coupons
Cash Loans
Credit Card Processing
Back to School
Apply Now for Personal Loans

Partners
Debt Reduction
Budget Stretcher
DivaTribe
Thrifty Fun
Money Talk
Online Personal Budgeting
Budget Dial