UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311082  
Subject: Re: Overdraft Accounts - WARNING Date: 7/14/2005 4:34 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Let me explain how insidious these account are. I bank online and I realized that I can transfer money from this credit cards (cash advance) to my checking or savings account! Just as if that 15K credit line were cash. In addition, a $40 transaction fee is charged AND the APR is 21.74 . I did this once, really stupid, I wasn't thinking. It wasn't much money but still, the idea.

The transfer fee is high, but if you keep your checking account balance low, it is still a better choice than bouncing checks.

I have removed all overdraft protection from my checking account. Long ago before debit cards and identity theft, I was not concerned about unauthorized transactions. If my checking account is compromised (which is easy given all the necessary information is on every check), I do not want them to have access to any credit line or savings account.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.