Have you ever miscalculated your checking account balance, forgotten to write down a transaction, or that a draft was scheduled to clear your account?
We’ve all been there at least once, and experienced the embarrassment and panic that go along with these common mistakes. Coosa Pines FCU offers several different options for protecting yourself from the embarrassment of returned checks or drafts, and the panic over high fees from collectors that frequently range from $35 to $60.
Whether you choose one or all four of these options, you are in control:
Should your checking account have insufficient funds to clear an item, the funds will be automatically transferred from your available funds in savings in $25 increments for a $3 transfer fee. Thus, $28 must be available for transfer above the $5 Share balance.
NOTE: Federal Regulation D restricts the number of electronic transactions on a share savings account to six (6) per month.
Overdraft Transfers (Cross-Account Transfers)
As an additional protective measure, you may contact a Member Service Representative to have any account on which you are either the primary or a joint owner set up for
Cross Account Transfers, which will allow automatic overdraft protection transfers from up to five separate account numbers.
This is especially beneficial on separate accounts owned by spouses, or for transfers between parent and child accounts. Should the checking account have insufficient funds to clear an item, the funds will be automatically transferred from available funds in the alternate account in $25.00 increments for a $3.00 transfer fee.
Thus, $28 must be available for transfer.
NOTE: Federal Regulation D restricts the number of electronic transactions on a share savings account to six (6) per month.
Contact a Member Service Representative for more information.
Back to Overdraft Options
Overdraft Privilege (Courtesy Pay)*
Overdraft Privilege or Courtesy Pay is a service available and automatically given to members with personal checking accounts that have been established at least 30 days and are in good standing. Eligible members will be given a $300
Courtesy Pay limit (
including any overdraft fees) and receive a letter in the mail explaining the details of the program.
Overdraft Privilege is
not a line of credit, but will allow members to overdraw the
Share Draft Checking account up to $300 (
including fees) through the normal clearing process for checks and other transactions made using a checking account number, or automatic bill payments*. Members may also access funds available through
Overdraft Privilege at the teller line or the ATM.* The
fee charged for paying the items through
Overdraft Privilege is the same as the fee for items returned unpaid.
Members do not have to sign up for Overdraft Privilege, but must
contact a Member Service Representative in order to opt out of the service.
*Beginning July 1, 2010 for new accounts and August 15, 2010 for existing members, all members must authorize the credit union in writing to pay overdrafts on ATM and everyday debit card transactions.
Accounts will be charged the standard Overdraft fee of $28 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $28 for items returned. An overdrawn balance must be repaid within 30 days. We may not pay items under your overdraft privilege if you do not maintain your account in good standing by bringing your account balance to a positive balance within every thirty (30) day period for a minimum period of 24 hours, if you default on any loan or other obligation to Coosa Pines Federal Credit Union or if your account is subject to any legal or administrative order or levy.
Overdraft Protection Line of Credit
Another great option offered by Coosa Pines FCU is the
Overdraft Protection Line of Credit. This loan is available for qualifying members who have personal
Share Draft Checking accounts. The
Overdraft Protection Line of Credit affords members peace of mind in knowing that they are covered in case of accidental overdraft or an emergency between paydays.
• Credit line of $500 linked to the checking account.
• Can be used simply as protection from overdrawing the checking account, or as an emergency fund that can be accessed any time it is needed.
• A smart and affordable alternative to high-interest “payday” or "cash-advance" loans.
• Advances are transferred automatically as needed in increments of $100.
• There are no per item insufficient funds fees.
• Members pay a low 14.95% APR** on the outstanding balance.
• Minimum payments are just $25 per month, but the loan may be paid in full at any time with no pre-payment penalties.
• The application process is fast and easy!
*Members must authorize the credit union in writing to pay overdrafts on ATM and everyday debit card transactions. **APR=Annual Percentage Rate. Certain restrictions apply. Contact a Loan Officer for complete details.
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