If your checking account gets overdrawn (hey, it can happen to anyone), there are several different overdraft protection methods available to give you a “back up” source of funds. One or more of these may help you avoid paying the $25 Non-Sufficient Funds fee for each transaction:
Automatic Transfer from Savings – If your checking account goes negative, we will automatically look at all savings accounts under the same member number as your checking account. If there is money in those accounts to cover the negative amount in your checking account, we will transfer it. The fee for this service is only $2.00 per transaction (plus tax). There is no need to sign up for the Automatic Transfer service; we automatically do this for all of our members.
Transfer from Other LACU Accounts – If there are other LACU accounts (under a different number) that you would prefer that we transfer from to cover overdrafts, please let us know. You must be a primary or joint owner on all accounts you list, and you can list as many as you like as well as the order you would like us to transfer from. These transfers cost only $2.00 per transaction (plus tax). To set this up, please give us a call at 378-0101, x0.
Credit Card Overdraft Protection – This option is available to all members who have a Linn Area Credit Union Credit Card. When your checking account goes negative, we will do a cash advance on your card in $100 increments to cover the amount that is overdrawn. This is still subject to the card’s credit limit as well as the standard cash advance fees. To set up this service, please call us at 378-0101, x0.
Overdraft Advance – This service is offered to members for personal checking accounts. It is issued automatically to accounts over 90 days old in good standing (unless you choose to opt out of this service or have had it revoked due to abuse).
It allows your checking account to go up to $500 overdrawn but must be paid back within 30 days. Linn Area Credit Union may subtract an overdraft fee of $25.00 for each overdraft honored. Primary and all other owners shall be jointly and completely responsible for the overdraft, including the overdraft fee. There is no interest charged on any overdraft or unpaid overdraft charge, nor will there be any late charges or other fees beyond this overdraft charge.
The following transactions will be covered by Overdraft Advance:
Withdrawals at the teller counter
Transfers done via phone, electronically or any other method
Checks and other debits cashed at the teller's window
Items due to uncollected funds and/or chargeback items
Bill Payer debits
Linn Area Credit Union has the right to: refuse coverage of any overdraft; withdraw any account from this program based on poor performance; discontinue this program at any time.
If you do not want Overdraft Advance on your checking account, give us a call at 378-0101, x0.
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