Most people wouldn't dare write a check or initiate an ATM withdrawal when they don't have enough money in their account to cover the amount. But sometimes, bills and expenses don't wait until payday. And when you need money right away, you need to find banks that allow you to withdraw immediately - usually for a fee, of course.
Most banks have some sort of overdraft protection so you can spend more money than you have in your account. This service provides security and avoids the embarrassment of having a bad check or declined debit card transaction, but you have to return the money to the bank.
PockBox is the perfect app to top up your checking account (up to $ 2,500) and use the money to shop online. The process is elegant and simple. All you have to do is provide some information about yourself.
The PockBox app should connect you to the best possible lender and get you approved in minutes.
Of course, it's never a good idea to intentionally overdo it. However, if there is no other option and you need to overdraw your account, here are some banks that allow overdrafts:
Chime can provide you with up to $100 * or more in free overdrafts.
What you need to know at a glance:
They also offer interest-free cash advances on your paychecks up to 2 days in advance with direct deposit **. The best part is that the registration process is really quick and easy (less than 2 minutes). Click here to check it out.
Wells Fargo: There is a standard overdraft fee of $ 35 per item; a limit of 3 overdrafts per day.
PNC Bank - There is a standard overdraft fee of $ 36 per item; a limit of 4 overdrafts per day. The bank charges a fee of $ 7 for every day an account is overdrawn for more than five consecutive days, up to $ 98.
Bank of America - There is a standard overdraft fee of $ 35 per item; a limit of 4 overdrafts per day.
SunTrust Bank: There is a standard overdraft fee of $ 36 per item; a limit of 6 overdrafts per day.
BB&T bank. There is a standard overdraft fee of $ 36 per item; a limit of 6 overdrafts per day. The bank will charge an additional $ 36 if an account is overdrawn for seven days.
The good news is that most of the above institutions waive the overdraft fee if you can top up your account to cover an overdraft before the cut-off time on the same business day.
When looking for an overdraft, make sure you understand how overdraft protection is different from overdraft cover.
As mentioned above, overdraft protection means your bank will advance cash to make a purchase when you don't have enough funds in your checking account. A fee is charged for each overdraft.
With the overdraft protection, however, the bank enables you to link a savings account or another authorized account to your checking account. If your checking account does not have enough funds to cover a transaction, funds will be transferred from your linked account to cover the purchase.
Banks can no longer automatically register customers for disposition services when opening an account. You need to choose these services to keep your checking account safe.
You can sign up for overdraft protection at any time, but since it can take up to three business days for the services to be fully activated, opting out does not resolve your immediate need for an overdraft.
However, with overdraft insurance, you can use your overdraft as soon as you open the account and sign up.
Although some banks offer overdraft insurance, you can only overdraw up to a certain amount per day.
Some banks charge $35 per overdraft item and allow up to three overdrafts per day with a daily limit of $ 105. On the other hand, some banks have higher daily overdraft limits that allow customers up to six overdrafts per day. Some of these banks are BB&T, SunTrust, BBVA Compass, and Regions Bank.
The daily overdraft limits at these financial institutions range from $ 216 to $ 228.
The maximum amount that you can overdraw varies by bank.
Of course, you shouldn't get into the routine of overdrawing your account. Understandably, you feel like an overdraft is the only option when you're short on cash. But the truth is, this can be an expensive solution, especially if multiple overdrafts occur in a single day.
However, there are cheaper alternatives to get instant cash.
This simple application is a great tool to avoid overdrafts and expensive bank fees. For just $ 1 a month of membership, Dave can help you take control of your personal finances.
Use the app to monitor your spending habits, personal budget, and balance to ensure you always have enough funds in your account to cover expenses. You will even receive a notification when your account is overdrawn.
If you ever need a few extra dollars to close the gap until payday, use the app to request a cash advance of up to $ 75. There is no credit check or interest.
This app is another easy alternative when you need cash but don't want to risk overdrawing your bank account. Earnin is unique in that it gives you access to your earned income before payday.
Getting started is easy. Download the app, complete the registration process, and claim your money once your employment and bank account are verified.
The funds will be deposited into your bank account within one to two business days. You can withdraw a maximum of $100 per day and up to $500 per withdrawal period. Once you receive your paycheck, Earnin will deduct the amount of your advance from your checking account.
The bottom line is that life passes and you could run out of money at some point. No problem.
Whether you're signing up for some kind of overdraft or using apps like Dave or apps like Earnin, keep in mind that there are a number of resources you can use to save money.