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Topic: Overdraft

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	Banks are reaping billions from stealth overdraft charges
		The new "overdraft protection" programs are much more expensive and restrictive than the overdraft lines of credit that banks have offered for decades to favored clients who have big balances or other accounts with them.
		Depending on how quickly the overdrafts are repaid, their fees translate into an annual interest rate that can reach several thousand percent, far higher than the rates permitted by state usury laws.
		Overdraft charges are the largest part of a long-term move by banks to depend more on fees and less on interest from loans, regulators and consultants say.
	www.citizenreviewonline.org /jan_2003/banks.htm (1421 words)

	overdraft financing
		Overdraft financing is provided when businesses make payments from their business current account exceeding the available cash balance. An overdraft facility enables businesses to obtain short-term funding - although in theory the amount loaned is repayable on demand by the bank.
		If the business finds that an overdraft facility appears to be becoming a long-term feature of the business, the bank may suggest converting the overdraft into a medium-term loan.
		Overdraft can be effectively be used as a medium-term loan – the facility is simply renewed each time the bank comes to review it
	www.tutor2u.net /business/finance/finance_overdraft.htm (485 words)

	Overdraft - Wikipedia, the free encyclopedia
		An overdraft occurs when withdrawals from a bank account exceed the available balance; i.e.
		If there is a prior agreement with the account provider for an overdraft facility, and the amount overdrawn is within this authorised overdraft, then interest is normally charged at the agreed rate.
		This ruling by the OFT has been extended by many customers to their personal bank accounts and currently the UK small claims court system is flooded with cases of customers reclaiming these ‘illegal’ penalties [2], often assisted by web sites such as the The Consumer Action Group.
	en.wikipedia.org /wiki/Overdraft (454 words)

	FDIC: FDIC Federal Register Citations
		When informing consumers about an overdraft protection program, inform consumers generally of other available overdraft services or credit products, explain to consumers the costs and advantages of various alternatives to the overdraft protection program, and identify for consumers the risks and problems in relying on the program and the consequences of abuse.
		If the overdraft payment is discretionary, describe the circumstances in which the institution would refuse to pay an overdraft or otherwise suspend the overdraft protection program.
		Furthermore, if payment of overdrafts is discretionary, information provided to consumers should not contain any representations that would lead a consumer to expect that the payment of overdrafts is guaranteed or assured.
	www.fdic.gov /regulations/laws/federal/04cDAVISoverdraft89.html (1384 words)

	Using credit card for overdraft protection (Page 1 of 3)
		Overdraft fees have always been a source of ire for consumers.
		When the card is tapped to cover an overdraft, there is a $10 fee.
		While the overdraft is treated as a cash advance, the APR is the same as the credit card and any cash-advance fees are waived, she says.
	www.bankrate.com /brm/news/cc/20061128_overdraft_protection_fee_a1.asp (415 words)

	Overdraft Protection - Virginia Credit Union
		overdraft protection will automatically transfer funds from savings, a personal line of credit and other accounts you designate.
		Funds for overdraft protection are automatically transferred in $100 increments.
		Designate multiple accounts as overdraft sources to be used in case you do not have sufficient funds available in any one account.
	www.vacu.org /checking_savings/overdraft.asp (367 words)

	Overdraft - Moneyextra Financial Dictionary
		You have an overdraft when the amount of money withdrawn from a bank account is greater than the amount actually available in the account.
		An overdraft is a form of short-term borrowing that many of us are likely to be familiar with - in short it is the act of overdrawing from a bank account.
		If the overdraft is not agreed in advance, penal charges may be incurred as a result of having the overdraft.
	www.moneyextra.com /dictionary/overdraft-004148.html (309 words)

	Titonka Savings Bank - Overdraft Defender (SM)
		If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/creating the item creating the overdraft, shall be jointly and severally liable for such overdraft, plus our overdraft or non-sufficient funds handling charge(s) of $20.00 per item.
		If the overdraft checking service is suspended on three occasions in a 12-month period, the overdraft checking service will be revoked for a period of at least six months.
		The fees charged for the items paid into overdraft or returned, as well as the amount of the overdraft item(s), will be subtracted from the disclosed overdraft protection dollar limit.
	www.tsbbank.com /Services/overdraftdefender.htm (902 words)

	City National Bank Overdraft Limit (Site not responding. Last check: 2007-10-16)
		Overdraft Limit protects you against having your checks returned in the event of an inadvertent overdraft of your account, or gives you a reserve for emergencies or unexpected situations.
		Be sure to look for the types of Overdraft Limit offered for each type of personal checking account.
		When you need more money than you have in your account, Overdraft Limit will allow you to withdraw funds, or write a check for more money than what is in your account, as long as the withdrawal or check is less than the amount of your balance plus the Overdraft Limit you have.
	www.cnbok.com /overdraft.html (554 words)

	The Latest on Overdraft/Bounce Protection
		Overdraft Programs are an alternative to traditional overdraft lines of credit and linked accounts.
		Require institutions to state in their account opening disclosures the categories of transactions for which an overdraft fee may be imposed.
		It is sufficient to state that “the fee applies to overdrafts ‘created by check, in-person withdrawal, ATM withdrawal, or other electronic means,’ as applicable”.
	complianceheadquarters.com /Deposit_Ops/Deposit_Articles/5_31_05.html (522 words)

	Overdraft protection - Wikipedia, the free encyclopedia
		Overdraft lines of credit: This form of overdraft protection is a contractual relationship in which the bank promises to pay overdrafts up to a certain dollar limit.
		Overdraft lines of credit are loans and must comply with the Truth in Lending Act.
		Essentially, overdraft protection provides an instant, high-interest loan to cover the amount of the check, although banks argue that bounce protection is not a "loan" as defined by the Truth in Lending Act.
	en.wikipedia.org /wiki/Overdraft_protection (1244 words)

	Fidelity Bank - Personal Overdraft Privilege
		We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you.
		The amount of any overdrafts plus our insufficient funds and /or overdraft charge(s) that you owe us shall be due and payable on demand.
		If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severely liable for such overdrafts plus our insufficient funds and/or overdraft charge(s).
	www.fidelitybank.com /site/pop.html (540 words)

	Overdraft Access - AnchorBank Personal Banking
		Overdraft Access overdraft privilege is a non-contractual courtesy and requires no action on your part.
		The overdraft privilege limit will not be reflected in your balance provided by a teller, at the ATM or through online banking or telephone banking.
		To help you manage your account, the total fees you have paid for NSF items (both paid and returned) during the current month and for the year to date will be reflected on your monthly checking statement in accordance with federal regulations.
	www.anchorbank.com /personal/checkingaccounts/overdraftaccess.html (342 words)

	Agencies Address Bounced-Check and Courtesy Overdraft Protection Programs
		In the view of such consumer advocates, Overdraft Programs, and especially those marketed in a manner that encourages overdrafts, are primarily a means of extracting exorbitant fees from unsuspecting low income consumers.
		In their view, a $20 fee on a $50 overdraft that must be repaid within a month is really the imposition of a 480 % finance charge.
		Appropriately alerting consumers before a non-check transaction triggers a fee under an Overdraft Plan would include providing a notice where feasible (for example on an institution’s proprietary ATMs) that completing the transfer will trigger a fee and permitting the transfer to be cancelled after receiving the notice without incurring the fee.
	complianceheadquarters.com /Deposit_Ops/Deposit_Articles/6_4_04.html (729 words)

	Overdraft Protection \| Century Bank - Lawrenceburg, Kentucky
		Since we generally pay your checks, debit card purchases and other electronic withdrawals, you can save as much as $50 in return check fees that many area merchants charge when a check is returned.
		In the event an overdraft occurs, you have up to 30 days to bring your account back to a positive balance.
		We will send you a letter each time you use the Overdraft Option$ service telling you the check number, the amount of the check or withdrawal and any fee you've been charged.
	www.centurybankky.com /overdraft_option.htm (678 words)

	FRB: Protecting Yourself from Overdraft and Bounced-Check Fees - FCIC
		The best way to avoid overdraft and bounced-check fees is to manage your account so you don’t overdraw it.
		If your overdraft fee is $25 per overdraft, you will owe your bank $155: $80 + $75 (3 x $25).
		If you need overdraft protection every now and then, ask your bank about the choices and services that are right for you.
	www.pueblo.gsa.gov /cic_text/money/protect_overdraft/bounce.htm (1206 words)

	Overdraft Protection
		Let´s face it - overdrafts on your checking account can be embarrassing, costly and time-consuming to straighten out.
		Overdraft Protection is easy, and there are no annual fees and no application fees.
		Automatic overdraft transfers are made in the exact amount of the overdraft.
	www.leominstercu.com /overdraft.asp (210 words)

	Finance Overdraft Protection
		It is absolutely essential that all military personnel have overdraft protection on their checking accounts.
		For example, if you write a check for $100 but have a balance of only $50 in your checking account, with overdraft protection, the bank would immediately transfer $50 from your savings account to your checking account and then process the check.
		Although the bank will charge you interest on this loan, the cost will be minimal compared with the charges associated with bouncing a check.
	www.military.com /Finance/Content?file=banking_overdraft.htm&area=Content (214 words)

	Overdraft Allowance at SNB
		Overdraft Allowance is an overdraft protection service that gives you peace of mind if you have to overdraw your account (or you accidentally miscalculate your balance).
		The total of the courtesy overdraft (negative) balance, including any and all bank fees and charges, is due and payable on demand.
		For example, SNB typically does not pay overdrafts if your account or any loan with us is not in good standing, or you are not making regular deposits, or your account is subject to any legal or administrative order or levy.
	www.banksnb.com /personal/accounts/odallow.asp (484 words)

	Antigua fishing, Antigua deep sea fishing: "Overdraft" deep sea fishing charter, Antigua West Indies.
		Antigua fishing, Antigua deep sea fishing: "Overdraft" deep sea fishing charter, Antigua West Indies.
		Overdraft is a fully equipped and spacious 40 ft sport fishing boat that can accommodate up to six guests.
		Overdraft's Antigua sport fishing charter is available for four, six and eight hour charter and departure times are flexible.
	www.antiguafishing.com (263 words)

	Overdraft Loans Overview - Center for Responsible Lending
		Overdraft Loans (also called "bounce protection" plans) are offered by banks to low-income consumers.
		In exchange for covering account overdrafts up to a set dollar limit, banks charge bounced check fees, ranging from about $20 to $35 for each transaction.
		Overdraft loans can trap borrowers in a cycle of high-cost debt, rather than providing families with a way to manage a short-term emergency.
	www.responsiblelending.org /practices/index.cfm (265 words)

	Overdraft Options
		Your credit union is equipped with overdraft options to help you straighten out those curves.
		Standard overdraft protection is an easy way to prevent you from accidentally overdrawing your checking account.
		This courtesy is in addition to any amount that may be covered by another form of overdraft protection.
	www.uky.edu /UKFCU/overdraft_options.html (219 words)

	NEA: Protect Yourself from Overdraft and Bounced-Check Fees
		For example, the bank might cover overdrafts up to a total of $300, including all the fees.
		Set up an overdraft line of credit with the bank. You need to apply for a "line of credit" just as you would apply for a regular loan.
		Good account management is the lowest-cost way to protect your hard-earned money. If you need overdraft protection every now and then, ask your bank about the choices and services that are right for you.
	www.nea.org /money/pf060227.html (1247 words)

	Overdraft Options
		Overdraft Protection is a line of credit loan with limits ranging from $500 up to $2,500.
		The Overdraft Line of Credit is a smart addition to any checking account so you can write yourself a small loan or cover expenses during an emergency.
		We encourage you to cover the overdraft within 3-4 days as this is anticipated as a short-term situation.
	www.uiecu.org /asp/services/service_3.asp (329 words)

	Overdraft Privilege
		Overdraft Privilege is a service attached to your personal Checking account after your checking account has been open for 60 days.
		Overdraft Privilege will only apply to checks you write that clear through the Federal Reserve and automatic drafts you have authorized to be paid from your checking account; it will not cover in-person withdrawals.
		Overdraft Privilege will not be available if you have an outstanding payment plan, a delinquent loan with Summit CU, a negative deposit account or if your membership share account is below the $25.00 minimum balance requirement.
	www.summitcu.org /ASP/Services/service_5.asp (461 words)

	Overdraft protection - Wikipedia, the free encyclopedia
		Overdraft protection can loan money to cover ATM withdrawals, purchases made with a debit card, electronic transfers, and checks.
		In the absence of overdraft protection, such ATM withdrawals and debit purchases are refused without a fee.
		If the overdraw is not corrected, however, overdraft protection may do more harm than good.
	en.wikipedia.org /wiki/Overdraft_Protection (1244 words)

	Personal Overdraft: lending, multi-currency, offshore, expenses, personal: HSBC Bank International Ltd
		A £10,000 overdraft facility is available, at 2.5% over the relevant currency base rate*.
		With a £1,000 overdraft for 12 months, at our typical sterling overdraft rate of 7% which equates to typical 7.2% EAR variable - the total amount payable would be £1,072.31.
		With a £1,000 overdraft for 12 months, at our typical sterling overdraft rate of 13% - which equates to typical 13.8% EAR variable - the total amount repayable would be £1,138.02.
	www.offshore.hsbc.com /1/2/international/loans/personal-overdraft (456 words)

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