Overdraft protection could help you out of a tight financial spot or it could just make your situation worse. Here's how to know if it's right for you.

To decide whether overdraft protection is right for you, brush up on the pros and cons and associated costs, and consider other available options. Read: Best Checking Accounts.

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Many consumers opt for overdraft protection since overdraft fees tend to be steep. The average overdraft fee is a hefty $26.61, according to Bankrate’s 2023 checking account fee survey . Example ...

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Overdraft protection is an optional bank account service that prevents the rejection of charges that are in excess of available funds.

Overdraft protection typically allows transactions exceeding the balance in your checking account to be approved and can save you steep overdraft fees. Here's how it works.

The banks can charge $5, offer overdraft protection as a courtesy, or extend a loan with an up-front interest rate. It applies to banks with at least $10 billion in assets.

Decline overdraft protection. If you've already signed up, you can contact your bank to opt out. Your debit card will be declined if you exceed your balance, but you won't get hit with overdraft fees.