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.

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