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What is the difference between Overdraft Privilege and Overdraft Protection?

April 26, 2017difference overdraft overdraft privilege

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What is the difference between Overdraft Privilege and Overdraft Protection?

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Overdraft Privilege is a non-contractual service which allows your account to go negative in order to pay an item. Overdraft Protection is a contractual agreement which transfers funds from another source in order to pay an item.