Which may come as a surprise to consumers who didn't even realize their prepaid cards could ever overdraft. It's a big change for this burgeoning industry. And the CFPB estimates that amount will double again by The cards are widely sold at stores such as Wal-Mart and 7-Eleven, plus online and in payday lending and check cashing places; and appeal mainly to the "unbanked" — people who for one reason or another abandoned their checking account, had it canceled, or never got one in the first place.
Traditionally, prepaid debit cards have been like cash: Once it's gone, it's gone. Try to buy more than your balance can afford and the transaction will get declined — no costly overdraft fee. But soon when prepaid debit card companies offer a line of "overdraft protection" it will work just like a credit card: Go over your limit and the bank will cover you, then send you a bill and start charging a fee and interest.
You owe them money and could face adverse consequences if you do not pay them. It is usually best to resolve this as quickly and amicably as possible. Simply contact the merchant, explain the mistake, and submit the necessary payment. There are a few basic strategies and habits you can use to keep your checking account at a positive balance moving forward.
Here are a few:. Having your bank account go to a negative balance is certainly not an ideal situation, but it is also not the end of the world. If this happens to you, be sure to resolve it as quickly as possible and then make a plan to keep it from happening again.
Our credit counselors can help you make a budget and financial game plan to help you meet all of your financial obligations. You can get started today with a free counseling session. Budgeting Family Finances.
By Courtney Nagle Friday April 9th, Recent Blog. Featured Posts. What should I do? Transactions and checks are covered only if:. In the event your account becomes overdrawn for any reason, Bank of the West expects you to pay any overdrafts immediately upon notice or demand. For example, we typically do not pay overdrafts if your account is not in good standing or if you have too many overdrafts.
Please be aware: The website you are about to enter is not operated by Bank of the West. Bank of the West does not endorse the content of this website and makes no warranty as to the accuracy of content or functionality of this website. The privacy and security policies of the site may differ from those practiced by Bank of the West.
To proceed to this website, select Continue, or Cancel to remain on the Bank of the West website. Get the facts about our overdraft practices and programs. Overdraft Practices and Programs. Special Message for Savings Overdraft Protection Customers When you link a savings account to your checking account for overdraft coverage, your ATM transactions and everyday debit card purchases generally won't be covered at the time of the transaction by a transfer from the savings account.
Transactions and checks are covered only if: You haven't exceeded the monthly transaction limits on your savings account, and Your account balance can cover the transaction plus Savings Overdraft Transfer Fees. Conditions, fees and restrictions apply. You are leaving Bank of the West.
0コメント