AVOID the protection as you will charge for more fees than the bounce check. I setup some auto-pay transactions and transfers online. It's been working great for me until my wife wrote a check and forget to transfer the fund from money market to checking. So the Checking plus pay the check without notifying me along with the $10 fee. Even though I had more than enough fund in the checking account in 2 days to cover the "loan" from checking plus, the system WILL NOT pay back the loan automatically. Instead, they will just take the minimum interest fee AUTOMACTICALLY from my checking account every month. If you are like me who will not go over the monthly statement line by line every month, you will be paying for the interest forever and still own them the original "loan". In my situation, I was paying the interest for 6 whole months for more than $300. Again, when I discovered this, my checking account had more than $5000 balance and I will need to go in and transfer the fund back to checking plus to pay for the loan and stop the interest!
If you have time to keep track of the money and statement, then you will not need the service in the first place and won't get into the trap like I did. Good luck.

Checking Plus used to be great and made banking pain fee - if one went over the limit the 18% while very high wouldnt be imposed for long as one would move money in to cover or in expectation of say a salary payment. However NOW if lets say your salary comes in on a Saturday, a non business day, you could get charged a slew of $10 fees. The net effect is that the real interest rate is not 18% - but for as an example a $100 overdraft for 2 days: 1800%.

This checking plus is terrible. They have recently changed it's structure so that a $10 fee is not added on each time you dip into it on top of the 18% daily interest. This is robbery.

Just starting out in my professional life, I have gone over my budget a few times, and I am so greatful that I have the Checking Plus for when the rent check might bounce. The interest rate is insane, but it gives me a sense of great security.

As of November:

The rules have changed. They now charge customers $10 each day a check is submitted to the bank that forces the movement from overdraft to checking. If, however, one moves the money proactively, the fee is waived; Citi (on the phone, call center in India) is saying also that there will be no intereset assessed on the money that's being used to cover the checking account. I think they're confused, as Citibank isn't in the business of lending free money. Either the Indian agents are misinformed or are lying. Citibank Checking Plus is now Checking Minus. Don't proceed with caution, just avoid at all costs.

This service has been very helpful for me. It kind of works like a credit card. I was able to withdraw the money I needed. Then pay it back to my account. It has worked out really well for me personally. Every once in a while I need a bit more cash and this provides it. However, you do need to be careful as far as keeping track of it all and replacing any money that has been "borrowed." I would recommend this for occasional use by anyone who can be responsible with their money.

helped me in my time of need.