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*As of June 1st, 2012, notices related to transactions that overdraft from an overdraft line of credit will no longer be mailed to members.*

Protect yourself from overdrawing your account by linking your share account or line of credit to your checking account. To have the overdraft line of credit you must first have an established checking account.

The amount transferred will be for the exact amount you need to cover the difference between your transaction and the amount that is available in your share draft account. If the line of credit is at the limit, but there are funds available in your Primary Share account, the amount plus a $5.00 fee will be taken to cover your overdraft. If we have to return the check, there will be a $30.00 fee.

The interest on the overdraft line of credit will be at 14% and the payment will be 4% of the balance or a minimum of $40.00, whichever is greater. The payment will be taken automatically from your Primary Share account on the last day of each month. You may make extra payments at any time you wish, but there will still be a payment due on the last day of each month until the balance is paid in full. If the balance is less that $40.00, i.e. $20.25, then the amount of the payment will be $20.25.

If your payment becomes 20 days overdue, no more overdrafts will be permitted, and your checks will be returned. If there is a continual problem with the returned checks, you run the risk of having the overdraft line of credit closed. You could lose your privilege of having a checking account as well as many other services with the credit union.


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