You swipe your debit card, thinking you’re covered, only to have the transaction declined or hit with a surprise fee. Somewhere between 16% and 20% of households report that they overdraft their accounts once a year. And more than 50% of those individuals overdraft multiple times over a 12-month period.
Unfortunately, many banks have changed or canceled overdraft protection. Many people assume that overdraft protection is guaranteed by the bank once they opt in, but it can change at any time. Here’s what you need to know about this and what causes this change.
