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I might be an outlier here, but I'm not a big fan of OOPS or other options that permit overdrafts with a service charge. If I felt this was necessary (for whatever reason) a CLOC would be my choice; if the CLOC wasn't an option I would still decline OOPS.
'Back in the day' it was different, since a bounced check would create multiple fees but these days most people seldom write checks, if ever, and the OOPS only serves to make sure the debit card isn't declined.
In my case, I would prefer for my debit card to be declined if I didn't have the funds available rather than be approved with a service charge. If declined, I would simply use another card and save myself the fee. I'm not too concerned about embarrassment since these days a declined card can mean a number of things, not necessarily that you don't have the money. (Note that in practice I use rewards credit cards... I'm only stating here a hypothetical.)
Just wondering if you ever received a true answer to this question, I have the same question as well re: business side. And if you accept check payments, it is a good thing to have. A business doesn't mean your a multi millionaire and stuff happens. Just curious ... Thx
@forwardprogression wrote:Just wondering if you ever received a true answer to this question, I have the same question as well re: business side. And if you accept check payments, it is a good thing to have. A business doesn't mean your a multi millionaire and stuff happens. Just curious ... Thx
I don't know about business checking accounts and OOPS coverage, but I do know you can have OOPS coverage of $500 each on two different personal checking accounts. And, as Gemini101 stated, it is a cheaper "short-term" loan than a payday loan. If it is being used for that purpose you are better off withdrawing the entire $500 at the atm and pay one $20 fee for the 30 day period. I would recommend caution as it is easy to get caught in a never-ending cycle if your financial situation is "shaky."
@Anonymous wrote:
Hi so if I overdraft the 500 and put 20 in my account I get the 500 overdraft back and do I have to overdraft 500 first then pay 20 to get the 500 overdraft back
If you overdraft your account the entire 500 in one transaction via ATM withdrawal or check your checking account will incur a singular 20 dollar overdraft fee. Your checking balance will be negative 520. You must deposit the entire 520 back into your checking account within 29 days. If you don't, OOPS will be frozen on all your accounts. Your account must remain in a positive status for at least one business day before OOPS can be accessed again. Any deposits made into the account during the 29 day period will be used to satisfy the existing overdraft, re-overdrafting will not reset the 29 day timeline. The only way to reset the timeline is to have the entire negative balance satisfied and the account posting a zero or positive balance for a least one entire business day. Again, this could become a vicious cycle and YMMV. You may want to consider applying for the Navy CLOC with is more akin to revolving credit with monthly minimum payments.