Ask Terry Questions Overdraft protection — A Warning!

Overdraft protection — A Warning!

By Terry Savage on June 21, 2021 | Wild Card

A suggestion. Citibank Visa recently took our monthly payment of $2,061 and changed it to $20,061. The account covering the overdraft had enough savings to cover. It took over a month and a half, many promises and frustrating phone calls to get a refund of some $17,000. We Now have opened a separate account with just $1,000 so this can’t happen again. My wife insists on paying with a check. You might want to warn your followers.

Terry Says

Although Federal laws require you be protected in case of a theft (or a bank mistake, for sure), yes it can be frustrating to get money back from a bank. That’s why I suggest either not using overdraft protection– or not link it to an account with substantial savings. If you’re banking online, you can easily keep track of balances. Thanks for sending me this post– and I will post your experience for others to read!

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