Real Estate Pro Articles
   
   

Overdraft Protection: Worth The Fees?



[Valid RSS feed]  Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=284
By : Mick Bernard    99 or more times read

Warning: include(): http:// wrapper is disabled in the server configuration by allow_url_include=0 in /home/onlineb1/public_html/realestateproarticles/func/art_pop.inc.php on line 68

Warning: include(http://www.realestateproarticles.com/catads/nas250x250cat284.php): failed to open stream: no suitable wrapper could be found in /home/onlineb1/public_html/realestateproarticles/func/art_pop.inc.php on line 68

Warning: include(): Failed opening 'http://www.realestateproarticles.com/catads/nas250x250cat284.php' for inclusion (include_path='.:/usr/local/php56/pear') in /home/onlineb1/public_html/realestateproarticles/func/art_pop.inc.php on line 68
Credit Score Restoration is a hot button issue among those looking to buy and sell real property in Arizona. Credit Repair of tarnished records can occur in many ways. One of the simplest ways to get back on track financially is to avoid costly overdraft penalties from your bank.

New laws that went into effect on July 1, 2010 (August 15 for existing accounts) have lifted the banking institutions’ control of your overdraft options. Traditionally, most banks would automatically cover you if you swiped a bank card to pay for something that cost more than you had in your account. The excessive fee the banks then automatically deduct from your savings or checking account is the price you pay for this service. For years this has been the bane of many a careless budget keeper, often accompanied by a knee jerk reaction such as “Why are they charging me more money if I obviously don’t have enough to begin with?”

Under the new laws, banks will lose billions of dollars annually ($38 billion by 2009 standards), which they’ve become used to collecting from their otherwise free-spending customers. We must now take responsibility for keeping better tabs on our account balances, and face the reality that impulse buying is a thing of the past. While this may take some getting used to by shopaholics, the end result is that everyone should have more effective financial habits which will then lead to an improved credit score.

What does credit score restoration (and for our purposes, Arizona credit repair specifically) have to do with your personal bank account fees? Not much in terms of what credit reporting agencies see, since we’re talking largely about checking and savings account related cards. But as the check card goes, so goes the credit card, (and that sagging credit score is waiting for your habits to improve so that it may return to full health).

Ultimately, the choice to opt in for overdraft protection is still offered, but the practice should be more transparent now, with users able to decide if they want mama bank covering their potential overspending. This protection will still come at a price and may be acceptable for some. But, if this is the year you undertake to spend within your limits and pay off high interest credit cards, you might be better off with some more responsible back up plans, like carrying an alternate source of payment or linking your checking to savings, or keeping a running ledger with you at all times (so you will always know your balance). No one likes to hear that their card has been refused, so keeping better tabs on how close you are to the limit, (say, with text alerts from your bank) is a cheaper, less embarrassing alternative.

Arizona credit repair policies are not altogether different than credit repair or credit restoration techniques nationwide. Though with the housing market in places like Scottsdale is starting to heat up like the desert sun once more, fiscal responsibility has never been more important. What better way to repair and restore your credit than to spend less on annoying overdraft fees and use that money to dig out of a hole and into a sparkling new property?
Mick is a Certified Credit Restoration Expert and President of Credit Strategies, a credit consulting firm in Scottsdale, Arizona. Credit Strategies works with consumers with less than perfect credit increase their credit scores so they can qualify for the best possible financing.

Find us online at www.OnlineCreditStrategies.com
or on twitter at www.twitter.com/911creditpro


Warning: include(): http:// wrapper is disabled in the server configuration by allow_url_include=0 in /home/onlineb1/public_html/realestateproarticles/articledetail.php on line 105

Warning: include(http://www.realestateproarticles.com/catads/nas468x60cat284.php): failed to open stream: no suitable wrapper could be found in /home/onlineb1/public_html/realestateproarticles/articledetail.php on line 105

Warning: include(): Failed opening 'http://www.realestateproarticles.com/catads/nas468x60cat284.php' for inclusion (include_path='.:/usr/local/php56/pear') in /home/onlineb1/public_html/realestateproarticles/articledetail.php on line 105

Related Articles



Actions
Print This Article
Add To Favorites



Sponsors


Warning: include(): http:// wrapper is disabled in the server configuration by allow_url_include=0 in /home/onlineb1/public_html/realestateproarticles/inc/extra_rlinks.inc.php on line 149

Warning: include(http://www.realestateproarticles.com/catads/cat284.php): failed to open stream: no suitable wrapper could be found in /home/onlineb1/public_html/realestateproarticles/inc/extra_rlinks.inc.php on line 149

Warning: include(): Failed opening 'http://www.realestateproarticles.com/catads/cat284.php' for inclusion (include_path='.:/usr/local/php56/pear') in /home/onlineb1/public_html/realestateproarticles/inc/extra_rlinks.inc.php on line 149
 

 

© All rights reserved to Real Estate Pro Articles