Question 5

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Which of these would be the two best ways to avoid overdrafts?

Keep track of your balance and compare it to your available balance and sign-up for a service called Overdraft Protection.

Wear a hat and gloves whenever the wind chill factor drops below 32◦.

Don’t sign up for Overdraft Protection. Pay by cash and credit card as much as possible.

Only buy on the Internet and during big sales.

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With Overdraft Protection, the bank will automatically transfer up to the available balance in a linked account to cover your transactions. Banks typically charge a fee for overdraft protection transfers, but it’s usually much lower than their fee for overdrafts.

Your linked account for overdraft protection may be a savings account, a credit card or a loan.

Ask your bank if they offer overdraft protection and at what cost.

It’s your money Keys to keeping track How to use your transaction register How to read your statement How to reconcile your account Avoid overdrafts! Question 1 Question 2 Question 3 Question 4 Question 5 Mackenzie at the mall