Emergency Cash Options From Banks
|If you find that you must borrow money, beware of alternative financial service providers that may promise quick cash—as we just saw, services such as payday loans or car title loans come at a steep price and can trap you in debt.
Be cautious of using fee-based overdraft programs to deliberately overdraw your account if you need cash quickly. The costs can quickly add up depending on the number of transactions covered. To learn more, read the interagency brochure, “Protecting Yourself from Overdraft and Bounced-Check Fees” at www.federalreserve.gov/pubs/bounce/default.htm.
Ultimately, it is a good idea to open and build up a savings fund to cover unexpected expenses. That way, you can borrow from yourself and avoid paying interest and fees.