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Overdraft Protection | | Woodlands Credit Union offers two ways you can avoid fees and save embarrassment if you don't have enough money in your checking account. Looking out for your best interest is key so we don't want to encourage overdrafts as a habit - we just want to help you where we can!
This is how it works, if you write a check, use your debit card or preauthorize a payment from your account and you don't have enough to cover it, we will pay it if you are enrolled in one of our ODP programs and funds are available in your savings account and/or ODP line of credit.
How does it save me money and my reputation?
Let's use a real example. If you wrote a check at a store and there wasn't enough money in your account to pay it,the check would be sent back to the store as "insufficient funds." The credit union would charge you a fee for processing the check and the merchant would charge you a fee for writing a bad check.
If you had overdraft protection, the merchant would be paid and there would be one fee by your credit union to provide the overdraft service. Fees by the merchant can vary greatly but it is pretty common that your fees would double without some sort of overdraft protection.
If you used your debit card to make the purchase you wouldn't have a return check fee by the merchant because your card would tell the store clerk that it was declined. With ODP, it would send an approval message without the merchant knowing the account was negative.
Choose the best overdraft option or you can use both: 1.Transfer from Savings
If there is not enough money in your checking account to clear the checks you've written, we can first check your savings account. If the money is available, we will transfer the funds needed to your checking account.This is a great option but it requires you to keep extra money in your savings for emergencies. A small transfer fee is charged each time.
Contact us to sign up for savings overdraft protection today!
2.Overdraft Protection Line of Credit
Overdraft line of credit is a loan that is linked to your checking.If you don't have money in checking and you have available credit on your ODP loan, we will automatically transfer the money to checking if the account is overdrawn.You will need to complete a loan application and meet credit standards to qualify for this option. There is also a small fee associated with this service and you will have to pay interest on the loan until it is paid in full. Fees and interest paid for this service are far less than what you would pay for an overdraft fee and having the check returned.
Apply Today!
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Rate (as low as): 15.00%
Amount: $500 & $1,000 Lines
Maximum Term: N/A
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