Checking & Savings
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Overdraft Protection
What happens if you make a mistake?
What happens if you make a mistake in your check register or run a little short before the next paycheck? As your trusted financial resource, Interra Credit Union offers a variety of options to “cover” you.
Automatic transfers
If you do not have enough money in your checking account to pay a check or other transaction presented for payment, funds can automatically be transferred from most deposit accounts on which you are an owner/joint owner. Please contact the credit union for your options.
Note: Transfers from savings accounts are subject to Regulation D limitations. Please refer to the Regulation D disclosure to learn more.
Checking line of credit
For your peace of mind and convenience, a checking line of credit (LOC) is a way to borrow money simply by writing a check. It provides an overdraft protection option for your personal checking account and allows you to pay for emergency expenses or any other need.
Once approved, you will have an established line of credit to use for overdraft protection, emergency expenses, or other needs. Here’s how it works:
- When a check or other withdrawal is presented in excess of your checking account balance, funds are automatically advanced from your LOC.
- The LOC offers a competitive rate. You only pay interest on the outstanding balance, not the available credit line.
- Repayment is easy. Monthly payments are approximately 6% of the outstanding loan balance at billing time, or $25.00, whichever is greater. You may pay additional amounts at any time.
- Learn more about the Checking LOC or apply today!
Courtesy Pay
Courtesy Pay is a non-contractual service that allows Interra to pay an item presented against a checking account – personal and business – even if it causes the account to become overdrawn.
This service is added to qualified checking accounts at account opening. You do not have to apply for the service; you will receive written confirmation from Interra that it has been added to your checking account.
Courtesy Pay service protects against having items returned in the event of an inadvertent overdraft of your account by giving you a reserve for emergencies or unexpected situations. There is no fee to have Courtesy Pay service on your account; you are only charged a fee if you overdraw your account. A $27 overdraft fee will be charged for each item paid into overdraft.
With Courtesy Pay service, instead of returning a check to the merchant or other payee, the credit union may pay your check, saving you embarrassment and additional charges from a merchant or a collection company. When using the service, Interra will charge a Courtesy Pay fee for each item, and send you a notice each time an overdraft occurs.
However, Courtesy Pay is not a line of credit nor is it a guarantee of payment or an invitation to overdraw your account. Courtesy Pay service does not constitute either a written agreement of an obligation or a prearranged agreement for Interra Credit Union to pay overdrafts. Payment of any overdrafts is at the discretion of Interra Credit Union and payment of an overdraft does not obligate us or create an agreement or course of dealing on our part to allow overdrafts on any occasion. We do not guarantee that we will authorize and pay any type of transaction.
If you have Courtesy Pay, have you “opted in”?
If you want Interra to authorize and pay overdrafts for everyday debit card transactions, you must OPT-IN. You may have already done this. If not, please review the information and complete the convenient online form.
For more information and related resources, please refer to:
