Overdraft Protection and Bankruptcy
Banks offer overdraft protection to help customers avoid the embarrassment and fees associated with having a check bounce. But this service can come with a high price tag if you're not careful.
Overdraft protection typically comes in two forms: linked accounts and line of credit. Linked accounts allow you to transfer money from another account, such as a savings account, to cover the shortfall. Line of credit is essentially a short-term loan that must be repaid within 30 days, along with any interest and fees.
If you're considering using overdraft protection, be sure to understand the terms and conditions first. Some banks charge high fees for transfers and lines of credit, while others may require you to keep a certain balance in your account. And if you're already struggling to make ends meet, using overdraft protection could put you at risk of bankruptcy.
The main Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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