Do you have it? We have it - but thankfully have not had to use it. I did notice that Bank of America charges you for using it! Doesn't that defeat the purpose of having the overdraft protection?? :dunno

That's weird that they charge you a fee. We have it through USAA so that if we overdraft checking (which thankfully we never have!) it comes out of your savings.

no, I have friends though that use it like it was their own money. :suspect then wonder why they have no money come payday. :no

Well, most Overdraft Protection is tied to an existing account or credit card of the account holder....so 'technically' it is their money.

We don't have it simply because it's my form to punish us for being stupid if we do spend too much. Thankfully in a year we have only gone over 2xs because there was no communication between us and what was spent.

Well, most Overdraft Protection is tied to an existing account or credit card of the account holder....so 'technically' it is their money.
yeah but they shouldn't bitch about it when the bank takes it back each payday.. which their bank does.. once they go positive it takes what the took out. leaving them in a vicious cycle.

yeah but they shouldn't bitch about it when the bank takes it back each payday.. which their bank does.. once they go positive it takes what the took out. leaving them in a vicious cycle.
:rofl True.

We have it and so far (knock on wood) have never had to use it.

We have it. First it'll take out of the savings. If nothing is in there or it goes over what's in savings, it then goes uses what's available on one of our credit cards.

And we also get charged a fee for using it. I think it's crap, but I also understand it a little as it's extra work for the bank to do that stuff.

We also have never had to use it, but it's nice knowing it's there. I'd rather be charged a fee and have money taken from elsewhere than have a check bounce.

We have it.

Dh would blow a gasket if we ever used it though. We haven't.

No. :mumble Would have saved my butt last month, too!

We're switching to USAA and will have it then! Hopefully never to be used, but nice to have just in case someone else decides to die without warning me first :lol

Yes, we ahve it, and have used it several times, but ours it is an auto transfer from savings. We only used it when our pay got scrwed up the first month here

We have it :yes It auto comes out of savings should anything ever happened and so far it was only once this year and that was right after we moved in here and all the crappy stuff happened with the washed and the fridge

We have it on both accounts but never need it.

Do you have it? We have it - but thankfully have not had to use it. I did notice that Bank of America charges you for using it! Doesn't that defeat the purpose of having the overdraft protection?? :dunno

The advantage of having it even with a fee is that you don't get TWO fees and the charge gets paid - vs having it returned (thus creating an issue with that vendor) and having to pay the bank AND vendor a returned check fee.
Do you have it set up to draft automatically out of another account (ie a savings account or credit line)? Our bank offers the bounce protection and it is NOT drafted out of another secured line (savings or credit) but simply a set amount of allowance that the bank itself pays (basically advances) to be deducted from the next deposit.

The advantage of having it even with a fee is that you don't get TWO fees and the charge gets paid - vs having it returned (thus creating an issue with that vendor) and having to pay the bank AND vendor a returned check fee.
Do you have it set up to draft automatically out of another account (ie a savings account or credit line)? Our bank offers the bounce protection and it is NOT drafted out of another secured line (savings or credit) but simply a set amount of allowance that the bank itself pays (basically advances) to be deducted from the next deposit.

:agree

took the words right outta my mouth.

i have one for wamu and usaa great thing to have

I have no idea truthfully. :lol We've never needed it. I'm anal about knowing what is going out and making sure there is enough money to cover the bills.

I'm with a credit union that is tied to the company I work for and it has overdraft protection. If there is money in Savings they will take from there for free. If you don't have money in there then they will pay check for you and then charge $20.

We have it and I hate it. We get charged $32 for each over draft. Its been a HUGE sore spot for me during this deployment. I think my husband has spent more in over draft fees then he has in port. every single port and his ship has been to a LOT of them!

We have it with Fort Bragg Fed its like basically having a small line of credit with interest lol. For the last year or so I forgot about it and then I found the letter that said we got it for having an account in good standing. I highly dont recommend it though because it can be so tempting to know its there as a cushion.

We use to have BOA and they charge for all kinds of crazy charges...we now have USAA and love them! We also have overdraft protection which is taken out of our savings if we need to use it.

We have it. If we have to use it, we pay like $14 or $16 for each transaction (haven't had to use it but, that's what the TOC are).