Overdraft Advantage gives you three ways to protect your Checking Account from overdrafts, returned items, and non-sufficient funds (NSF) fees:
Transfer from Share Savings
We will automatically transfer the funds from your associated Share Savings Account, for FREE, up to six (6) times within one month* to pay an item that would otherwise be returned for non-sufficient funds (NSF), if the funds in your Checking Account are not available at the time the item is presented for payment. This feature saves the embarrassment of having a bounced check or an item returned unpaid. It will also prevent the $35.00 NSF fee from being charged for each returned item. This transfer of funds will occur first, before either of the other Overdraft Advantage features are initiated, as outlined below.
*Regulation D limits transfers to a maximum of 6.
Checks, ACH Debits & Payments, and Automatic Bill Payments
Overdraft Advantage is automatically activated for checks, ACH debits and payments, automatic bill payments, and other transactions made using your Checking Account once the account has been opened. If your Checking Account is overdrawn by any of these items, Overdraft Advantage will pay them for you, up to a limit of $500.00. This $500.00 limit includes a $35.00 fee for each item we pay for you. While there is a fee for Overdraft Advantage to pay your non-sufficient funds (NSF) items, you will not have to pay additional fees to the payee or their financial institution. Overdraft Advantage allows a maximum of 30 days to pay back the overdrawn balance in your Checking Account.
ATM and One-Time Debit Card Transactions
Overdraft Advantage also pays ATM and one-time debit card transactions if they cause your Checking Account to be overdrawn. However you will be required to opt-in for these items to be paid. Once you are opted-in, Overdraft Advantage will pay them for you, up to a limit of $500.00. This $500.00 limit includes a $35.00 fee for each ATM and/or one-time debit card transaction that we pay for you. While there is a fee for Overdraft Advantage to pay your non-sufficient funds (NSF) items, you will not have to pay additional fees to the payee or their financial institution. Overdraft Advantage allows a maximum of 30 days to pay back the overdrawn balance in your Checking Account. This feature of Overdraft Advantage is not available with Fresh Start Checking or Business Checking Accounts.
If you have multiple personal Checking Accounts, you will only have access to parts one (1) and two (2) of Overdraft Advantage, as listed above. Part three (3) is only available on one checking account per household. If you have previously opted-in for ATM and one-time debit card transactions, you are not required to opt-in again. If you have not previously opted-in, but would like to do so now, please contact us for assistance.
PLEASE NOTE: Effective December 1, 2018 you may not use Overdraft Advantage to overdraw your Checking Account at any Emerald Credit Union branch.
Any account overdrawn beyond a period of 45 days may be closed. Emerald Credit Union reserves the right to either honor an overdraft or return the item for insufficient funds, even though we may have previously paid overdrafts before. Contact a Member Service Representative for additional information.