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When a transaction drops your checking account balance below zero, a financial institution will choose to either reject the transaction or approve it and provide the funds to cover the transaction. For a complete understanding of these fees, the amounts and when they may be charged to your account, make sure to read the fine print of your credit cards agreement and terms policy before opting in to overdraft protection. Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can. The linked account can be a savings account, credit card, line of credit or even another checking account, depending on the providers policy. Although financial institutions operate independently from one another, offering some sort of overdraft protection is routine. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet, Betterment Cash Reserve Paid non-client promotion. Although some fees are unavoidable, account holders can avoid most fees and keep their hard-earned dollars for themselves. Are there deposit or withdrawal limits on my Credit Karma Money Spend . If youre on the fence, remember that nothing is set in stone; overdraft protection can be added or removed from your account. What is Credit Karma Money? Insurance related services offered through Credit Karma Insurance Services, LLC, which does business in some states as Karma Insurance Services, LLC. If the checking account does not have the funds to cover a transaction, then funds are automatically pulled from one of the linked accounts to cover the amount. Setting up Overdraft Protection. However, this does not influence our evaluations. How much are overdraft fees really costing you? The daily ATM withdrawal limits for premium accounts tend to be higher than for basic accounts. This feature lets you overdraft your debit card for purchases or ATM withdrawals with no overdraft fees.