Can a bank expire your overdraft protection that you set up when you opened your account?
Untitled
By overdraft, you are referring either to a Courtesy Overdraft Program in which the bank provides bounce protection, but explicitly retains the right to pay or not pay any particular item, or an overdraft line of credit, which includes a commitment by the bank to extend credit up to a stated amount to cover overdrafts in a checking account. A bank includes in its program description or in its line of credit agreement a termination provision. Such provisions usually call for some form of advance notice, except if fraud is involved.
This response is based on U.S. banking practices. If you and your bank are in the UK, you should contact your bank or seek legal counsel for the information you need.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
By overdraft, you are referring either to a Courtesy Overdraft Program in which the bank provides bounce protection, but explicitly retains the right to pay or not pay any particular item, or an overdraft line of credit, which includes a commitment by the bank to extend credit up to a stated amount to cover overdrafts in a 