This seems like another alternative to a credit card option to me
Is This The Beginning of the End of Free Checking? – Real Time Economics – WSJ
You pay $20 per month to the bank for the checking account, but the account does not charge any overdraft fees for overdrafts up to $500. And you get a debit card.
You therefore pay $20 per month for the ability to have a short term ‘interest-free’ loan of $500.
That works out to an interest rate of 4% per month, or 1.04^12-1=60% yearly interest, in the best case. And that is if you borrow the $500 each month. Surely you can find a lower cost credit card? That is, get a no-fee credit card for those $500 short term loans.
