OVERDRAFT PROTECTION is a safety mechanism created to protect our members from having returned checks. The amount needed to cover the total of the check plus a $3.00 fee is automatically transferred from their savings account to their checking. This leaves the account with a zero balance instead of a negative balance.
This service can save members a lot of money in fees
- Fees for non-sufficient funds checks are $15.00 for each one
- Most businesses charge their own fee of at least $20.00
- These fees add up to a wasted $35.00.
As long as members keep money in their share account, overdraft protection will always cover non-sufficient funds checks.
