BVS Performance Solutions FinancialGuru - Overdraft Protection Description: Introduction slide of desk with computer keyboard, mouse and plant. The words Overdraft Protection appear across the screen. The screen changes to an animation of two women using a cellphone. Narrator: An overdraft occurs when you spend - or try to spend - more than you actually have in your account. And hey - accidents happen. Luckily, you may be able to avoid the embarrassment of having a check bounce or having an ATM or debit card transaction rejected by opting in for overdraft protection. Description: The screen changes to an image of a man being denied funds at an ATM. After the narrator returns to the screen. Narrator: But first, did you know that there's more than one kind of overdraft? Description: The screen shows a cash register with a thumbs-up when overdraft protection is available, and a thumbs-down when overdraft protection is unavailable. Narrator: One type refers to ATM and one-time debit transactions. So, say you forget to deposit a check, or you do deposit it, but then try to use your debit or ATM card before those funds actually become available. If you've opted-in for overdraft protection, the transaction will go through and you'll be charged a fee. If you haven't opted-in, the transaction simply gets declined, and there are no fees. Narrator: The other type of overdraft, though - the one that has to do with checks or recurring debit transactions - can result in penalty fees, even if you haven't opted-in for overdraft protection. Narrator: So if, for example, you bounce a check, or you don't have enough money in your account to cover an automatic bill payment, you'll end up paying what's called an NSF or "non-sufficient funds" fee. Description: Screen changes to an image of a pie-chart with a summary of what overdraft protrection is. Narrator: Overdraft protection, then, is a service in which you give us the permission to pay whatever part of the transaction your account can't cover. That way, your debit or ATM card won't get rejected, and any checks you've written won't get returned due to insufficient funds. Narrator: We'll go over how it works in the next video.