What is an overdraft fee?
When you do not have enough money in your checking account and the bank lends you money so your card does not decline.
What is an overdraft fee?
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What is an overdraft fee?
When you do not have enough money in your checking account and the bank lends you money so your card does not decline.
An overdraft fee is a charge that a bank applies when you spend more money than you have in your checking account, causing a negative balance. This fee compensates the bank for lending you the amount that exceeds your available balance, allowing your transactions to go through and preventing declined payments. It’s important to understand that overdraft fees can add up quickly, so managing your account balance is crucial to avoid them.