Stay free of overdraft fees

July 24, 2020

Overdraw your account? The last thing you want to do is have to pay overdraft fees, which can cost anywhere from $20 to $45 per instance. Each year, the American people pay billions in overdraft checking fees. Beyond the extra money that you could spend in overdraft fees, they also can cost members the ability to open accounts in the future.

What is an “overdraft?”

"An overdraft is when the amount of money in your bank or credit union checking account goes below zero," shared Secretary of Banking and Securities Robin L. Wiessmann. "With the introduction of debit cards, automatic payment plans, and other tools, personal finance has become more convenient, but also more complicated. However, following simple, common-sense rules can help keep more money in your checking account."

Avoid the Fees

Your credit union is here for you! We can help you avoid overdraft fees by implementing the following safeguards:

1. Review Your Statements - Monitor your monthly account statements for fraud and to note any checks that may not have cleared yet or deposits that haven’t been posted. Be sure to review our “funds availability” policy, or ask if you have any questions about when deposits are available for your use.
2. Check Your Balance – Whether you are using our smartphone app, logging in on your computer, or checking your balance at the ATM, there are many options available to check your account status 24/7/365.
3. Be in the Know – With Notifications – You can opt-in to receive a text or email notification to let you know if your account dips below a certain balance.
4. Backup Your Balance – Signing up for automatic funds transfer means that money from your other accounts could be automatically transferred to cover the overdrawn amount.

Still have questions? Give us a call, or stop by your local branch. We are here to help!