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