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Overdraft Protection: Is It Worth Paying To Cover Your Assets?

A hot button topic with those wanting to buy and sell property in Arizona is Credit Score Restoration. Credit Repair of blemished records can happen in many ways. One of the simplest methods to get back on track financially is to avoid costly overdraft fees from your bank. New laws are in effect as of July 1, 2010 (August 15 for existing accounts)  which lift 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 your account held. The downside, as we know, is the extreme fee the banks then automatically deduct from your savings or checking account. This has been the bane of many a naive 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 could lose billions of dollars ($38 billion by 2009 standards), which they’ve become used to collecting from their otherwise bouncing customers. Now card holders face the responsibility of  keeping better track of their balance and the reality that they can no longer buy first and ask questions later. Shopaholics may take some time getting used to this, but the end result is that everyone should have more thoughtful financial habits which will hopefully spill over into the credit score
restoration side.

What does Arizona credit repair (credit score restoration in general) have to do with your personal bank account fees?  In terms of what credit reporting agencies see, not much, since we’re mainly talking 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 shape up so that it may return to good health. Ultimately, the choice to opt in for overdraft protection is still available, 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 (of course) and may be the better option for some. If, however, this is the year you vow to spend within your limits and pay down high interest credit cards, you might be better off with some more effective back up plans, like carrying an alternate source of payment or linking your checking to savings. No one likes to hear that their card has been declined, so keeping better tabs on how close you are to the limit, (say, with text alerts from your bank) might be a better, less embarrassing alternative.

Credit repair policies in Arizona are not altogether different than credit repair or credit restoration techniques in any other state. Though with the housing market in places like Scottsdale starting to heat up like the desert sun once more, fiscal responsibility has never been more imperative. 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?

About the Author

Mick Bernard is a Credit Consultant from Scottsdale, AZ. His company Credit Strategies is helping consumers clean up their credit nation wide. If you need Credit Restoration Help we recommend looking into our Credit Repair Program.

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