Bounce protection is a completely different banking product than overdraft protection. Banks advertise this as a product that will allow customers to overdraft their account to a set amount ranging from $500 to $1000.
But if the customer writes checks for more than the set amount, the bank may not cover the checks. The bank will not waive the “non-sufficient fund fee” so the customer will pay the fee, which is usually somewhere between $25 on the low end and $40 on the high end.
Additionally, the customer has to pay daily fee ranging from a couple of dollars up words to more than $10 if the account is not brought into balance.
Think about how this would work if you overdraw the account – you will pay $35 plus a daily fee. On a $200 or draft you could easily pay $40 which is equivalent to a 20% interest rate.
With rates like that, you may be able to get a cash advance on your credit card for a lesser amount that you would not have to pay off for 30 days.
Random Posts
- March 28, 2009 -- New Category For Student Loan Applications (0)
This category series uses past and recent applications for student loans taken from our sister finan... - December 10, 2008 -- California Mortgage Planning – Down Payment Considerations (1)
The first step to buying a house in California is to figure out how large a mortgage and down paymen... - December 23, 2008 -- California Chapter 7 Bankruptcy Exemptions (7)
California's bankruptcy law provides the following 2 Schemes for claiming Chapter 7. Both of these p... - July 20, 2010 -- Free Directory for Bakersfield Lenders and Banks (0)
We want to list off any lenders from Bakersfield, CA as part of the CLF personal and small business ... - October 4, 2009 -- Loans for Minorities, Acorn, and Fox News (0)
Many so-called minority families are desperate for a loan to keep their houses and stay in their nei... - July 13, 2010 -- Reverse Mortgages For the Elderly (0)
I see these commercials on television with old television and movie stars who are flogging reverse m... - July 28, 2010 -- Attorneys Who Fix Bad Credit Ratings (2)
Many borrowers and spenders who have bad credit ratings are looking for an attorney who can clean up... - July 19, 2010 -- Free Classified Ad for Anaheim Lenders (0)
Please include your lending services here if your company operates in Anaheim, California. Please in... - January 2, 2009 -- Definition of Financial Acronym HELOC (1)
HELOC is the acronym for Home Equity Line Of Credit. This is a more common home equity agreement tha... - August 12, 2009 -- Need a 10,000 Dollar Personal Loan? – Let’s Do The Math (9)
It seems to me that if you need a personal loan for 10,000 dollars you could find ways of borrowing ...
A LOAN CALCULATOR FOR CRUNCHING YOUR NUMBERS IS BELOW;
Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).
Post a Comment