App Covers Bank Overdraft Fees With Free Loan

October 24, 2017

© Zentilia Dreamstime

As good of recordkeeping as you do, sometimes you find out that your checking account is overdrawn.  While you cringe, the bank dances in delight as overdraft fees are a big revenue generator.  However you've got a friend in Dave.  While Dave sounds like your former roommate, it's actually an app for iPhone and Android that offers up to $75 in overdraft fees at zero cost to you! The app uses the same 128-bit encryption technology used by big banks to link to your checking account. The app will monitor your finances and reoccurring expenses and then let you know when you’re running at risk of over drafting your account. In the event is discovers your cell phone bill is due and you will not have enough funds to cover it, the app will prompt you to ask to borrow $25, $50, or $75 inside the app to get you through until your next paycheck comes. The best part is payday loan is free!  When you get your next paycheck, the app will automatically deduct that borrowed fee from your checking account, interest free. However you are given option to leave a 5-15% tip for the services it offers.  Dave will also plant a tree in your honor for every percentage tip you leave. While the overdraft protection fee is interest free, using the app will cost you $1 a month.  However considering overdraft fees can by upward of $40 per incident and payday loans can be upwards of $50, a dollar a month is a small price to pay for protection, especially if you are on a tight budget where even the smallest unexpected expense can be a big problem.

SOURCE: Lifehacker

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