@Anonymous wrote:
@Anonymous wrote:
US Bank offers a reserve line that is only used for overdraft protection. You can also use any of their credit cards or their premier line for overdraft protection.
I have been looking into this bank recently to transfer my direct deposit to. So there are three ways to have over draft protection with us bank, do any of them have a fee? (I am going to go try and find that information but just in case you know.)
I have the gold checking with US Bank and it does come with a monthly fee(checking) unless you have a credit product through them. I have the Cash+ and the Premier Line so the monthly checking costs are waived.
Some banks like to charge an annual fee just to have something like this(PLOC) and fortunately US Bank does not charge you. Without going to check, I think if I flopped a check then they would charge me $7.50 per overdraft which is certainly better than what the normal charges would be from banks. That check will be paid out and the balance would just be moved to whatever overdraft options that I have selected for my account.
The last I checked, the Reserve line had somewhere around a 21% APR, the Premier line is currently 12.5%, and of course the credit card APRs will vary.
So there are no annual fees with my setup but there would be a small cost associated with flopping a check. From my personal experience, credit cards and the Reserve Line are available from day 1 to apply for but the Premier Line I had to wait 6 months to apply.
As to having access to overdraft protection, yeah I would rather pay that fee than get hit with over drafts that report to the Early Warning Systems and Chex Systems (we hear enough on that where people can not open checking accounts and some using the Experian Boost for banking to increase their score).
