Lately, almost every financial institution I deal with is sending me you-have-to-explicitly-sign-up-for-overdraft letters. I usually discard these, but when my "main" one asked me the same thing, it sounded like there is no downside. It's free (with them at least). They claim without overdraft protection, both they and the other institution would charge fees in case of insufficient balance; and with this free protection, I would only get charged the same fee by them, but the other institution would get the funds just fine.
It sounds like we did not used to explicitly sign up for this and were enrolled in this service automatically, but now, due to some new law, they have to ask us about this...
So, the question is, is there any downside to this I might be missing?
It sounds like we did not used to explicitly sign up for this and were enrolled in this service automatically, but now, due to some new law, they have to ask us about this...
So, the question is, is there any downside to this I might be missing?