What it is: Overdraft Protection is coverage on your checking in the event your account is overdrawn. It is a loan issued to cover your purchases that keeps you from being charged any overdraft or transfer fees. Funds are advanced in $50 increments up to your approved overdraft limit ($1,000 maximum*). A checking account is required in order to have Overdraft Protection.
Business Accounts: Our business accounts are also eligible to apply for Overdraft Protection. Funds are advanced in $50 increments and have a maximum limit of $5,000, upon credit approval.
Application: Click here for an Overdraft Protection application.
Transfers: You are able to transfer funds from your Overdraft Protection into your checking (or savings) account. For example, if you have a purchase, automatic payment, etc. that you expect to come out of your account but you do not have the funds in that account to cover that item, you can transfer funds from your Overdraft Protection - providing you have available funds. If the system transfers funds from your Overdraft Protection to cover items clearing your account it will only transfer in $50 increments. However, you are able to transfer any dollar amount, up to the available limit. You can stop in or call us and we can make the transfer for you, or, if you have online access with E*Teller or Mobile Banking you can conduct the transfer yourself.
Payments: Payments of $30 are automatically withdrawn from your checking account on the 15th of each month.
Notice Delivery: All overdraft notices are delivered via text message or email message. Please call if you have not registered to receive notices. These notices include overdraft and share transfer, as well as certificate renewal notices.
* Additional overdrafts will be subject to M-O FCU's overdraft policy.