Do you think overdraft protection is worth enrolling in when it comes to your bank account? I have it with my credit union, only because they don't charge overdraft fees if it is under twenty dollars. I figure since they do not charge an immense amount in overdraft fees, it is worth it to have the protection in case I am a bit short in my account. I think if they did not offer the no-fee under twenty rule, I would not have it. I've heard stories of people having to pay almost thirty dollars in overdraft fees for something like a two dollar smoothie. That to me is not worth it. What about you? Do you have overdraft protection and do you recommend it?
It's not something that I have heard of and I'm not sure that I would ever get it. I probably depends on how much you pay for protection, but realistically unless you think that you're very likely to go into an overdraft position regularly, I don't think it makes sense. It may come down to being a bit more disciplined with your money to make sure you don't go overdrawn in the first place, but these types of fees can be very subtle and insidious. Even if you are only paying a couple of dollars a month, think how much that adds up to over a few years.
I don't think so, the best overdraft protection is to make sure that you don't have an overdraft in the first place. We truly live in a world of debt and to avoid it is the best choice anyone can make financially.
I don't need overdraft protection. Before I make any withdrawal from my bank accounts, I always check my balances. That's good enough overdraft protection for me. Those who never, for some reason, check their bank balances would find overdraft protection useful I guess.
In your case I think it's perfectly fine. If there's no fee in enrolling, why not? If there is, I don't think I'll get one just because of the under 20=free incentive. If you're confident enough with your credit management skills just don't get it. you probably won't overdraft. OR get a debit card.
In a word, no. For that matter, I wouldn't pay for any 'add on' that a bank suggests you pay extra for. I want my bank to keep my money secure, I don't need them to try and manage it for me and make themselves a tidy profit at the same time.
