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I know someone who uses this. He's a contractor and small business owner, so his earnings are high but his cashflow is incredibly variable. I don't think there
by Bartweiss 10y ago
I know someone who uses this. He's a contractor and small business owner, so his earnings are high but his cashflow is incredibly variable.
I don't think there's much justification for most people to have overdraft lines; it seems to primarily be a tool for people who have plenty of money but trouble knowing when it will be present.
- jjeaff 10y agoI actually think it is a very good idea for most. I have plenty of money but I generally sweep most into various accounts and keep a minimal amount in my checking. On occasion things will miss and I might write a bad check. If the bank doesn't cover it, then you could accidentally write a hot check, which can actually be a felony. So I am happy to pay the bank $35 for my mistake on occasion if not just to avoid the possibility of someone turning my bad check in to the prosecutor.