In or Out? Overdraft Decision Will Be Yours

Summary

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For most bank customers with checking accounts, a decision is coming. Under new federal regulations, you will be asked to make a choice, one with important consequences.

The choice involves overdrafts, which occur when you do not have enough money in your account to cover a transaction but the bank pays it anyway. Consider this scenario: You stop for groceries and swipe your debit card, but you don't have enough money in your account to cover your purchase. Which outcome do you prefer?

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Extract

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In or Out? Overdraft Decision Will Be Yours

The bank authorizes the transaction, pays the overdraft and charges a fee. You get your groceries.

The bank declines the transaction. No overdraft, no f...

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