Three ways to bounce-proof your account
It happens to all of us. You make a subtraction mistake. You're a little short of cash 2-3 days before payday. Unforeseen circumstances pop up at just the wrong time. That's why State Credit Union offers three options for overdraft protection on your checking account.Overdraft Line of Credit
An overdraft line of credit gives you automatic protection when you need it, up to your credit limit. Because it's also the least expensive option when you pay it back right away, you can choose to have your overdraft line of credit transfer as your first option for protection. TIP: If you previously established savings transfers as the first overdraft protection on your account, you may wish to change that priority now to avoid transfer fees.
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Transfer from Savings
- There's no cost to you unless you use it.
- When you do, the cost is only pennies per day compared to expensive NSF and merchant returned check charges.
- Your overdraft line also provides a personal line of credit to use for whatever you need just by writing a check or by transferring available funds to another SCU account through SCU Online.
You also can have your savings account transfer automatically to prevent your checking account from being overdrawn.
- You can have up to six transfers per month to protect your checking account.
- There is a fee as shown in our fee schedule for each automatic transfer. If you prefer to transfer funds from savings to checking yourself through SCU Online, there is no charge.
- If you exceed six transfers in a month, your savings account will no longer provide protection. Federal regulations limit the total number of electronic transfers from savings accounts to six per month. Click here for additional details. That's why we recommend you also apply for our overdraft line of credit.
Even after the overdraft protection options above, you're still covered with Courtesy Pay. Courtesy Pay may cover your insufficient funds checks, up to your approved limit, for one fee per covered overdraft transaction. Although you pay the fee, it protects you from additional merchant returned check fees, as well as the embarrassment of an NSF check.
Courtesy Pay goes into effect automatically after 60 days of having a checking account in good standing. There's no application and no additional signatures are needed. As long as you continue to make regular deposits to that account, bring your account back to a positive balance regularly and there are no legal orders against the account, your Courtesy Pay privileges will continue.IMPORTANT:
You must "Opt-In" for Courtesy Pay to cover your ATM / Debit card purchases. Learn more here
For additional details about how this service works, please see our Courtesy Pay brochure.