Overdraft Protection acts as a “safety net” that covers your transactions and keeps you from incurring certain merchant fees should you exceed your available Checking Account balance. We offer three types of Overdraft Protection:
1. Choose an eligible account and/or Line of Credit Loan as a primary Overdraft Source.
When necessary, funds are transferred automatically from your other deposit accounts or Line of Credit Loan to cover any overdrafts.
- Savings or Checking Account: You automatically receive overdraft protection from your Regular Savings when you open a checking account, or you may set up any account where you are the primary or joint owner. The Partnership FCU will transfer the necessary funds (the full overdraft amount, including any applicable fees) to cover your overdraft. In compliance with federal law, the total number of pre-authorized transfers, withdrawals, and/or overdraft transfers from any Savings Account is limited to six per month.
- Line of Credit: This is a personal protection loan that you can elect to have funds transferred from automatically to cover any overdrafts. There’s no fee for this service, but as with any loan, an interest rate applies. You must apply and be approved for a Line of Credit for it to become effective. All Lines of Credit other than VISA Credit Cards and Home Equity Lines of Credit are eligible.
2. Overdraft Courtesy Pay
Should a deposit account and/or Line of Credit Loan be unavailable, The Partnership FCU provides Overdraft Courtesy Pay for members in good standing. This is a discretionary courtesy we extend to eligible members to pay their ACHs and checks up to $300, including fees, in the event of an accidental overdraft when all other options have been exhausted. This saves you the embarrassment and fees normally charged by merchants for each returned item. The standard fee of $30 is charged every time you use this service. Funds must be repaid within 30 days.
For details on this service, click here.
3. Opt-In for Overdraft Protection
You must Opt-In for protection on ATM and everyday (non-recurring) Debit Card transactions. To Opt-In, complete the “Opt-In for Overdraft Protection” form found within Online Banking, under Secure Forms. If you would prefer, download the form or stop by a branch to pick one up.
The same rules apply as with #2, Overdraft Courtesy Pay. For details on this service, click here.