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Overdraft Transfer Fee
Explanation:
When you sign on for an Overdraft Protection Plan, you are linking your checking account to a savings or a credit line. The next time your account goes negative, instead of being assessed a full Overdraft or Insufficient Funds Fee your bank will transfer the amount needed from the linked account instead, usually at a much lower cost. If the funds come from a savings account, the charged fee will be between $2 and $12, and the charge can be assessed per occurrence or per day. If, however, the funds are charged to your credit line, then they will most likely incur the APR charge disclosed in your cardholder agreement. It is not uncommon for this fee to be a fixed dollar amount as well.