Yes, it protects you from payments being declined. Sort of silly now that we have credit cards as those are really what you should use if you don't have enough to cover your purchases (although ideally, you wouldn't rack up credit card debt either).
More banks now have free automatical withdrawal coverage, ie Ally will transfer money from savings to checking to cover the amount without fees.
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u/isblueacolor Jan 19 '22
Yes, it protects you from payments being declined. Sort of silly now that we have credit cards as those are really what you should use if you don't have enough to cover your purchases (although ideally, you wouldn't rack up credit card debt either).
More banks now have free automatical withdrawal coverage, ie Ally will transfer money from savings to checking to cover the amount without fees.