Profitable Ideas: Unseen Identity Theft, Overdraft Protection Isn’t What It Seems, and More
August 16, 2019
2 Comments
Marlin
on August 16, 2019 at 4:01 PM
I always enjoy this roundup. However I was dissapointed with the overdraft protection article. Being declined at the register is not necessarily a problem. Having a check bounce or automated payment not go through is another matter, that could both incur fees for you and inconvenience others. That said some banks are better than others. My online bank offers free automatic transfers from savings to cover a checking account overdraft. Don’t want to use that, but it did happen. There was a local bank that my parents had dealt with for years. We were in hard times, and my mom went into the bank for a routine small cash withdrawal without realizing the money wasn’t there and the teller handed her the cash without even warning her that it was an overdraft that would incur a fee. Any credibility that they had as a “small town” bank disappeared right there.
Marlin – Thanks for writing. What happened to your mom is beyond wrong. So sorry to hear about that.
As for overdraft protection, I see your point about some of the dangers of not letting a check with insufficient funds go through. But I think the main point of the article was to help people understand what overdraft protection is really all about. Just the word “protection” sounds like it’s something everyone should choose, and many probably do without realizing what they just signed up for.
Ideally, of course, it would be best for all of us to keep tabs on our balances, but I realize life gets messy sometimes.
I always enjoy this roundup. However I was dissapointed with the overdraft protection article. Being declined at the register is not necessarily a problem. Having a check bounce or automated payment not go through is another matter, that could both incur fees for you and inconvenience others. That said some banks are better than others. My online bank offers free automatic transfers from savings to cover a checking account overdraft. Don’t want to use that, but it did happen. There was a local bank that my parents had dealt with for years. We were in hard times, and my mom went into the bank for a routine small cash withdrawal without realizing the money wasn’t there and the teller handed her the cash without even warning her that it was an overdraft that would incur a fee. Any credibility that they had as a “small town” bank disappeared right there.
Marlin – Thanks for writing. What happened to your mom is beyond wrong. So sorry to hear about that.
As for overdraft protection, I see your point about some of the dangers of not letting a check with insufficient funds go through. But I think the main point of the article was to help people understand what overdraft protection is really all about. Just the word “protection” sounds like it’s something everyone should choose, and many probably do without realizing what they just signed up for.
Ideally, of course, it would be best for all of us to keep tabs on our balances, but I realize life gets messy sometimes.