Tracking your finances is a priority in everyone’s life. You should only make plans of purchases when you have enough funds. Often times, people buy something and then their cards get declined. This leaves them in an awkward situation. This embarrassment can be completely avoided if you could track your finances.
Declining card is a very awkward situation but banks have come up with a seemingly beneficial solution. They have introduced an overdraft protection service. An overdraft protection is a service that allows the user to pay for their items even if their card get declined and/or they don’t have the required funds. The solution is temporary and the bank deducts the amount when their account is funded the next time.
Overdraft protection saves people from awkward situations and even helping them in the time of need. You can say that it is an automatic loan system that is initiated when your card is declined. In any case, it is a good service that banks are offering.
Take a look at the following infographic for more details.
Infographic by: visualcapitalist