Say you have got $200 in a banking account. Your has overdraft security with a fee that is monthly of5.
You create the following transactions:
Even you gone into overdraft 3 times through the month, their overdraft charge price was capped at $5 since you spend a month-to-month charge.
YouвЂ™re charged a group charge each right time you choose to go into overdraft. The maximum charge levels are $5.
Every time you make another banking transaction and increase your overdraft balance if your account is already overdrawn, youвЂ™re usually charged a pay-per-use fee.
It can be expensive to use pay-per-use overdraft protection if you often go into overdraft.
Some banking institutions will just charge a pay-per-use cost one time each working day, even though you get into overdraft most than when that time.