I have had a checking account with US Banks for over nine years and had never over drawn my account. As a matter of fact, I rarely went below $500 average daily balance.
Recently I forgot to make a deposit that I thought I had made and experienced a number of overdraft charges. The bank suggested that I apply for a line of credit to act as an overdraft protection, or apply strictly for the overdraft protection. I decided to do this even though I had assured myself I would not make this mistake again. They proceeded to tell me that I could not qualify for overdraft protection due to some derogatory items on my credit report.
I just qualified and purchased a $200,000 home with that "derogatory" information and my loan is a traditional, fixed rate loan of 5.875%! How could I purchase a home and not be able to get overdraft protection from my bank of 9 years! Needless to say, I am closing this account as soon as I can get my direct deposit payroll and automatic withdrawals for bills transferred to my new bank - Nevada Federal Credit Union.
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