SPXFCU offers several helpful ways to manage and avoid overdrawing your checking account. Each overdraft protection service will provide you peace of mind and help to:
- Avoid bouncing checks
- Avoid merchant late fees and returned item fees
- Eliminate the embarrassment of returned checks
- Eliminate the need to make alternate payment arrangements
- Protect your credit rating
Option #1 Overdraft Line of Credit
This overdraft protection option offers members the flexibility of a line of credit. If you do not have enough funds in your Checking Account when a transaction occurs, SPXFCU will take the funds from your Overdraft Line of Credit to cover the transaction. Instead of being charged a service fee for each transaction, you are only paying a few dollars in interest and have available credit. You must apply and be approved for an Overdraft Line of Credit. Certain terms and restrictions may apply.
Option #2 Courtesy Pay
Courtesy Pay is an overdraft protection service that can be used with your checking account. Courtesy Pay allows eligible checking account holders to overdraw their checking account up to a specified limit in order to avoid bounced checks, returned automatic withdrawal (ACH) and Online Bill Payments. Courtesy Pay will also cover debit card transactions; however only if you opt-in to this additional service.
How does it work?
- Each checking account is assigned an overdraft limit of $500.00
- When a transaction is presented for payment and there are not enough funds in the account to cover the item, Courtesy Pay allows the transaction to be processed and overdraws the account by the amount of the transaction PLUS the fee – See our fee schedule for current fees.
- Courtesy Pay works in conjunction with any other overdraft protection option you have. It takes effect if your Overdraft Line of Credit and Savings Account have insufficient funds.
- Courtesy Pay is not a loan and requires no application or credit approval. Any new checking accounts will automatically be enrolled as soon as they meet the enrollment criteria. However, if you want Courtesy Pay to cover Debit Card transactions you must opt-in and meet the enrollment criteria below.
Enrollment Criteria:
- You must be a member in good standing;
- You must be 18 years of age or older (custodian and guardian accounts are not eligible);
- Your checking account must be open for a minimum of 60 days;
- Delinquent, late, or charged-off loans are not eligible;
- You cannot have any legal or administrative orders, including attachments, garnishments, or levies against your accounts;
- You cannot have any pending bankruptcies or financial counseling arrangements.
Option #3 Savings Transfer
If you do not have enough funds in your checking account when a transaction occurs but funds are available in your savings account, we can transfer the funds from your savings account to cover the transaction. There is a a nominal fee for each transfer and you must have money in savings in order for the transfer to occur. You may request this service at account opening. Refer to our Membership Account Fee Schedule for account transfer service charges.
