Overdraft Protection
Even if you think you'll never overdraw your checking account, automatic
overdraft protection gives you extra peace of mind. It also gives
you an easy way to access your other credit union accounts through
your checking account.
How overdraft protection works
In the event that insufficient funds are available in your checking
account, overdraft protection will automatically
transfer funds
from savings, a personal line of credit and other accounts you
designate.
There is no charge to set up automatic overdraft protection. When
you draw from a personal line of credit, you will pay interest
only on the
loan amount you advance.
Funds for overdraft protection are automatically transferred in
$100 increments. If this amount is not available, then your "available
balance" will
be transferred.
You can decide how funds are drawn for overdraft
protection
- Pre-authorize funds to be transferred automatically from various
savings or checking accounts or a line of credit.
- Designate multiple accounts as overdraft sources to be used
in case you do not have sufficient funds available in any one
account.
- Specify the order in which accounts are accessed for overdraft
transfers.
Important information about automatic transfers
from savings
Please be aware automatic transfers from a single savings account
are limited to a total of 6 per month. Automatic transfers
include the following, not just overdraft transfers:
- Savings-to-checking automatic overdraft transfers
- Savings transfers through Internet Home
Banking and QuikLine
Phone Banking
- Savings transfers to other savings/checking accounts through
the Automatic Transfer Program
- Wire transfers from savings
- ACH electronic drafts from savings
- Point-of sale transactions from savings made with an ATM card
If you exceed the combined limit of 6 transfers per month, additional
automatic transfers will not be made. Checks may be returned unpaid,
and returned check fees may result. If you are concerned about
this limit, consider applying for a personal
line of credit.
How to sign up for additional overdraft protection
Just call us or print and complete the checking
overdraft protection authorization form. Sign and return it
by mail or at any branch.
Please contact us if you have questions
or if we can help you in any way. |
