"Credit unions should go after the members who choose not to open a checking account because they're afraid they will overdraw
. If I were a credit union, I would get heavily into the overdraft business, go after the people with low FICO scores and lower my overdraft price."
A Thanks for contacting Bowhunter Magazine with your questions concerning overdraws
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Fox urged that consumers have to opt-in to overdraft protection programs and that, absent a consumers explicit instructions, card issuers should not overdraw
accounts for small transactions.
The bank said that its new strategy would allow customers to choose whether they need to overdraw
Those who overdraw
less often should look at the Halifax/Bank of Scotland Reward Account, which charges pounds 1 a day for overdraft balances under pounds 2500.
If you rarely overdraw
, you would be better o with Bank of Scotland's Reward account, which pays pounds 5 a month tax-free provided you put in pounds 1000.
It is estimated that 50 million Americans overdraw
their accounts annually.
"If you overdraw
with permission you'll pay a certain amount of interest, but if you do it without permission you'll pay a higher level of interest and they'll often hit you with a fee of around pounds 25.
But how you are affected will depend on whether you generally stay in credit, sometimes overdraw
without permission or have claimed a refund of penalty charges.