Debit Card Overdraft Coverage

[TonyDown]

I declined debit card overdraft coverage on my new checking account.  The bank would charge a set fee for an overdraft, where they would cover payment.  Otherwise, no other fees are charged.

The bank followed up to confirm I still want to decline.  I get the sense they must earn a lot of revenue from this service.

Now I am questioning my decision.  

Do people lose spending discipline with this coverage?

Do you have this coverage?   

Would you recommend approving debit card coverage?

Edited 19 hours ago by TonyDown

[KeepItReal]

You only need overdraft coverage if you plan to, or frequently go into, overdraft. Then you will be charged a fee. Some banks charge for every transaction that pushes you deeper into overdraft.

 

If you budget and don't go into overdraft you don't need it. 

[TonyDown]

I was surprised to hear my sister in law relies on it.  Seems illogical.

 

 

Edited 14 hours ago by TonyDown