Overdraft

Overdrafting is a common problem for many people. It's easy to lose track of how much money you have in your account.
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Overdraft

Overdrafting is a common problem for many people. It’s easy to lose track of how much money you have in your account. Before you know it, you can overdraw your account and face a negative balance.

Negative balances can cause stress and incur additional fees from your bank or other institutions, such as your credit card company. At JS Medical & Dental Finances, we keep our clients well-informed so they can make smart financial decisions and avoid debt.

Here is what you need to know about an overdraft on your account.

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What Is Overdrafting and How to Protect Yourself

An overdraft occurs when you withdraw more money than is available in your bank account. The cheque you deposit may clear before the funds arrive from your previous deposit, causing your account balance to drop below zero. Overdrafts can not only negatively impact your bank account, but also alter your interest rate for future lines of credit.

Overdraft protection can prevent this situation from happening to you. Users can usually request this protection from their financial institution through online banking. They can use their savings account as a failsafe in case they overdraw from their checking account.

If you want to discuss ways to protect yourself from overdraft fees, contact JS Medical & Dental Finances today at 1300 829 134.

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