It’s smart to have the security of overdraft protection on your checking account in the event of an occasional oops that causes you to exceed your available checking account balance, and Vantage Credit Union has you covered with three types:
Personal Line-of-Credit
This line-of-credit can link to your checking account to act as emergency coverage for overdrafts. When linked, funds are automatically transferred from the line-of-credit to your overdrawn checking account. There’s a nominal fee for this automated service and, since this is a loan, there’s an interest rate and application process.
Apply For My Personal Line-of-Credit
Overdraft from Regular Savings
Here’s another option if you don’t have a personal line-of-credit, or you’ve exhausted your line-of-credit. Vantage will transfer the full overdraft amount, including a nominal fee per transaction, from your Regular Savings account to cover any overdrafts. Due to Federal Regulation D, you’re limited to six pre-authorized transfers and/or withdrawals, including overdraft transfers, from your Regular Savings each month.
Courtesy Pay
This third option kicks in when all other overdraft options have been exhausted. Courtesy Pay is a last-resort, discretionary courtesy we extend to eligible members. Our Courtesy Pay service allows you to overdraw your account up to your limit for a fee in order to pay a transaction. Please review our Discretionary Courtesy Pay Disclosure for additional information. Transactions covered by our Courtesy Pay service currently include standard and extended coverage.
| Transactions Covered with Courtesy Pay |
Standard Coverage (no action required) |
Extended Coverage (consent required) * |
|---|---|---|
| Checks | ✓ | ✓ |
| ACH–Auto Debits | ✓ | ✓ |
| Recurring Debit Card Payments | ✓ | ✓ |
| Online Bill Pay Items | ✓ | ✓ |
| Internet Banking Transfers | ✓ | ✓ |
| Telephone Banking | ✓ | ✓ |
| Teller Window Transactions | ✓ | ✓ |
| ATM Withdrawals | ✓ | |
| Everyday Debit Card Purchases | ✓ |
* For Extended Coverage, you must give us your consent to pay ATM withdrawals and everyday debit card transactions.
Consent to Authorize Vantage to Pay My Overdrafts
While our Courtesy Pay service can help avoid additional merchant fees and ease an emergency situation, you may choose to opt out at any time.
Please review this important information about our Discretionary Courtesy Pay service:
- Our standard Courtesy Pay Fee of $35 will be charged for each overdraft item that is paid by Courtesy Pay. This includes overdrafts caused by checks, in-person withdrawals, automated payments (ACH), or by other electronic means. This fee is the same amount that we charge for items drawn against insufficient funds and returned to the payee.
- Vantage has the discretion, but is not agreeing and does not have an obligation to pay your overdrafts and we may remove this courtesy at any time. An overdrawn balance must be repaid within 35 days or your Courtesy Pay limit may be removed.
- An automatic link to the Regular Savings account or a line-of-credit is a less expensive option than an overdraft.
- Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may impact the total amount of fees assessed. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
- Good account management is the best way to avoid overdrafts. Use our eBranch or automated phone access services to keep track of your balance.
- If multiple items are presented against your account on the same day, each item will be assessed an appropriate Courtesy Pay Fee. Fees charged for covering overdrafts, as well as the amount of the overdraft item, will be subtracted from this Courtesy Pay limit as items are paid. It may be possible that your account will become overdrawn in excess of the Courtesy Pay limit as a result of the assessment of a fee.
- Balances at an ATM or other point of inquiry will not include the Courtesy Pay limit; however under payment system rules, Vantage may be obligated to pay some unauthorized debit card transactions. Vantage will not authorize debit card or ATM transactions unless there are available funds (including Courtesy Pay Options) to cover the transactions and any fee(s).
- Giving us your consent to pay every day debit card and ATM overdrafts may result in you incurring overdraft fees for transactions that we would otherwise be required to pay without assessing an overdraft fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.
- We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Courtesy Pay limit.
- Vantage will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction.
- Courtesy Pay is not a line-of-credit; it is a discretionary overdraft service that can be discontinued at any time without prior notice.
- Courtesy Pay may be discontinued if you default on any loan or other obligation to us; your account becomes subject to any legal or administrative order or levy; or you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-five days for a minimum of one business day.
- Each Account owner will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership and Account Agreement and Fee Schedule. The total (negative) balance, including all fees and charges, is due and payable upon demand.
See Overdraft Protection FAQs for more details.