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How can you minimize the risk and fees with having overdrafts on your checking account? AbbyBank has two products that allow you to protect yourself from overdraft fees. Check out this article from the FDIC for "Your Guide to Preventing and Managing Overdraft Fees."
Automatic Transfer Service is offered by linking a checking account to a savings account for an automatic funds transfer when an overdraft occurs in your AbbyBank checking account. For a $25 annual fee, you can avoid an overdraft fee and possible negative effects on your credit score. Automatic transfers can be in $100 increments. For example, if you have $25 in your checking account and you write a check for a $127 purchase, AbbyBank will automatically transfer $200 to your checking account from your AbbyBank savings account to cover the overage.
Overdraft Protection (ODP) account* offers a line of credit that will automatically transfer funds to your checking account when an overdraft situation occurs. For a $25 annual fee plus interest incurred, you can avoid these overdraft fees and possible negative effects on your credit score. All ODP transfers are in $100.00 increments. For example, if you have $25 in your checking account and you use your debit card for a $30 purchase, ODP will allow the transaction to process, if funds are available.
The best advice for managing your checking account is to monitor your spending. Keep meticulous track of every purchase made with a check or debit card, as well as any automatic transfers that are scheduled throughout the month. You can check your balance daily with AbbyBank's free eBanking any time of day. If you're unsure which overdraft protection service is right for you, ask your AbbyBank Personal Banker to go over the options available to you. For more information, Contact us.
*All ODP accounts are subject to credit approval.