This is overdraft protection. It represents a deposit account that allows the transfer of funds from the savings to the checking. This covers a check or allows you to maintain a minimum balance.
Fundamentally, this combines your checking and savings during times of troubles. Try not to drain that bank account!!! That's why we keep our savings at a different bank...
Related or Semi-related Video
Finance: What is the Depository Trust & ...8 Views
Up Next
What Does it Mean to Churn an Account? While the occurrence now is much lower than in the past, brokers who were given limited trading discretion i...
An omnibus account is an investment account in which a collection of investors have invested their capital to own a pro rata share of that cooperat...
What is AMBAC? AMBAC stands for American Municipal Bond Assurance Corporation. It provides insurance for municipalities that sell muni bonds, such...
What is a Blank Check Company? A Blank Check Company is a company that is just starting out. They are often created as new penny stocks that presen...