Fed Reviews Overdraft Protection

Keep your overdrafts down - and your credit worthiness up - A history of bounced checks won't show up on your credit report, but do know this. If you don't make good on the bad check, the recipient can turn the debt over to a collection agency and they can and likely will report your bad check debt to a credit agency.

Whether you want overdraft protection or not, it pays to know the ramifications of an overextended bank account. Pretty soon it may be up to you to decide if you want the protection or not.

So go into that decision-making process well-educated and well-prepared to be pro-active about keeping overdrafts to a minimum, and more cash in your bank account.

--For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.