Overdraft Options

ANCHOR LEAD
DO YOU KNOW HOW MUCH MONEY IS IN YOUR CHECKING ACCOUNT? BETWEEN YOUR A-T-M WITHDRAWAL, THE CHECK YOU JUST WROTE AND THAT DEBIT CARD PURCHASE, THE BOTTOM LINE MAY BE A LITTLE FUZZY RIGHT NOW. BEFORE YOU START SHELLING OUT ENORMOUS FEES FOR INSUFFICIENT FUNDS, SCOTT HANSON GIVES YOU A HEADS UP ON WAYS TO SAVE.

NAT SOT Length: 02
(check ripping out of checkbook)

SOT
Too short to key
"Balancing the checkbook can be time consuming and is not high on our priority."

TRACK ONE Length: 04
BRIAN BANNER ADMITS-BETWEEN WORK AND RAISING YOUNG KIDS, HIS CHECKBOOK CAN BE A MESS....
WHICH IS WHY HE SIGNED UP FOR OVERDRAFT PROTECTION.

SOT
KEY @: 15 Laura Bruce, Bankrate
"If you are the kind of customer who bounces 1 or 2 checks a year, then
apply for overdraft protection."

TRACK TWO Length: 15
LAURA BRUCE IS WITH BANKRATE DOT COME, A FINANCIAL WEBSITE. SHE SAYS BANKS OFTEN CHARGE BETWEEN 25 AND 35
DOLLARS FOR EACH CHECK YOU BOUNCE.
WITH OVERDRAFT PROTECTION--YOU ELIMINATE THOSE BIG
FEES... BUT IT'S NOT A FREE RIDE. THERE ARE THREE BASIC OPTIONS.

SOT
KEY @: 36 Laura Bruce, Bankrate
"They will link your checking account to a savings account...or a line of credit or a credit card...so when you're overdrawn, they go to that account and take the money out."

TRACK THREE Length: 07
IF YOU LINK IT TO A SAVINGS ACCOUNT... BE AWARE:
BRUCE SAYS THERE WILL USUALLY BE TRANSACTION FEES--
USUALLY AROUND 5 DOLLARS PER TRANSFER...

SOT
KEY @: 53 Laura Bruce, Bankrate
"But if you link your account to a credit card or a line of credit then when you bounce a check...too long...you're gonna pay interest on that."

TRACK FOUR Length: 07
NOT SIGNED UP FOR OVERDRAFT PROTECTION? THEN BRUCE SAYS MORE THAN LIKELY YOUR BANK HAS ALREADY GIVEN YOU SOMETHING CALLED BOUNCE PROTECTION.

SOT
KEY @: 1:00 Laura Bruce, Bankrate
"The best advice is to stay away from bounce protection."

TRACK FIVE Length: 09
WHY? BRUCE SAYS... THE BANK WILL COVER YOUR CHECK SO YOU CAN AVOID THE MERCHANT'S PENALTY, BUT THEY ARE STILL GOING TO CHARGE YOU THEIR BOUNCE FEE....AND LOB INTEREST ON TOP OF THAT.

SOT
KEY @: 1:21 Laura Bruce, Bankrate
"What it amounts to is a very short term loan at a very very high interest
rate."

TRACK SIX Length: 03
BRIAN BANNER SAYS HIS OVERDRAFT PROTECTION PLAN GIVES HIM PEACE OF MIND.

SOT
KEY @: 1:31 Brian Banner, Has overdraft protection
"The security of knowing there is overdraft protection makes things
easier on us financially."

STAND-UP CLOSE
ONE IMPORTANT HEAD'S UP REGARDING OVERDRAFT PROTECTON...FIND OUT THE FEES UPFRONT-BY LAW- BANKS HAVE TO DISCLOSE THEM. FOR HEADS UP! I'M SCOTT HANSON.
ANCHOR TAG
IF YOU DECIDE TO STICK WITH BOUNCE PROTECTION BE WARNED...IF YOU DON'T REPAY YOUR BANK WITHIN TWO TO FOUR WEEKS, YOU'RE ACCOUNT MAY GO TO COLLECTIONS.

SOURCES

Laura Bruce
Bankrate
11811 UW Hwy 1
North Palm Beach, FL
561-630-2400

Laura is Senior Reporter at BankRate, an Internet consumer finance marketplace that owns and operates a portfolio of Internet-based personal finance channels including banking, investing, taxes and small-business finance.