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Overdraft cash is the cash advance given to you on account of your Account, usually on the day of your next bill payment. Cash Advance comprises: non-overdraft cash advance, also referred to as "non-cash advance," "windfall advance," "contingency cash," "endor cash," or "advance check." A non-cash advance is the equivalent of a check paid by the person borrowing the money that will be paid to the lender in the event of the borrower's inability to pay the bill. The term windfall advance, in contrast, refers to a payment made on the same day of your cash advance payment after the due date for the bill payment.
As compared to checking accounts, cash advances carry higher rates of interest, and penalties for cash advance defaults. Because of this, it is recommended that you get as much overdraft protection as you can afford. You can get an online overdraft protection quote instantly and conveniently. You do not need a fax, phone call, or any other type of traditional document to obtain an online overdraft protection quote.
An overdraft protection quote can provide you with a comparison of various insurance policies. It is a good idea to look at different policies so that you can choose the one that is best for your needs. For example, you may prefer a zero percent overdraft fee versus a one percent overdraft fee. In addition to the rate of interest, you may want to look at annual fees, minimum credit score requirements, and the terms of agreement of the various providers.
When obtaining an online overdraft protection quote, be sure to disclose any current financial problems (i.e., bankruptcy, collection calls, etc.). The more current your credit score, the better off you will be. If you are already enrolled in a checking account, the best time to begin raising your credit score is within the past three years.
Some checking account providers offer high interest savings account along with the option of receiving free checks. This feature is extremely beneficial if you do not use your debit card regularly. Look for a provider that offers interest rate protection. If you have excessive overdraft fees, look for a provider that limits overdraft fees. Some companies will charge a non-sufficient funds fee if you have an excessive balance.
One disadvantage of taking advantage of a checking account is that you will likely miss paying the bill. If you take an internet banking service, however, you will likely be notified via email or text message. It is often a good idea to set up automatic payments so you don't miss a bill. This makes overdraft cash advances less harmful than other types of credit card and checkbook abuse.