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 provide three types of overdraft protection: from a personal Overdraft Protection Line-of-Credit, from your Regular Savings account and from our discretionary Courtesy Pay Service.
1. Overdraft Protection Line-of-Credit
This type of overdraft protection is a personal protection loan. When necessary, funds are automatically transferred from the line-of-credit to cover any overdrafts. There's no fee for the service, but as with any loan, an interest rate applies. You must apply and be approved for the Overdraft Protection Line-of-Credit for it to become effective.
2. Savings Overdraft
If you don't have an Overdraft Protection Line-of-Credit, or you've exhausted your line-of-credit, you automatically receive overdraft protection from your Regular Savings. Vantage Credit Union will transfer the necessary funds (the full overdraft amount, including any applicable fees) from your Regular Savings account to cover any overdrafts. Due to Federal Regulation D, the total number of pre-authorized transfers and/or withdrawals and overdraft transfers that can be completed from your Regular Savings account is limited to six each month.
3. Courtesy Pay
Courtesy Pay is a discretionary courtesy we extend to eligible members to pay their overdrafts. (See Overdraft Protection FAQs for Regulation E details.) In the event of an accidental overdraft when all other overdraft options have been exhausted, Courtesy Pay saves you fees normally charged by merchants for each returned item.
Please review the following important information:
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