Overdraft Protection
Peace of Mind When You Need It
When life happens, overdraft protection can give you the peace of mind you need. An overdraft occurs when you don’t have enough money in your account to cover a transaction, but we still pay it on your behalf. Overdraft Privilege is defined as our standard overdraft practices that come with most accounts. Not every transaction type is covered with our standard practices, however, our additional Overdraft Protection Plans may authorize transactions our standard coverage does not. We encourage all members to contact us to determine the best coverage to fit their needs.
Overdraft Protection “ODP” Transfer (Sweep Transfer)
An Overdraft Protection "ODP" (Sweep) Transfer1 links your checking account to another Workers account or a checking line of credit (see information below)--this will be the “sweep account”. If your checking account is overdrawn, a transfer will be made at the time of your overdraft from your sweep account as long as the funds are available, plus a small fee for the transfer. This may be less expensive than our standard overdraft practices. A fee applies, see our fee schedule.
Checking Line of Credit
If you’re approved for a revolving line of credit,2 we will link it to your checking account so funds will be transferred from your available credit to cover your transaction if needed. If your checking line of credit is accessed for the sweep transfer, you will not be charged the sweep transfer fee. Interest at a fixed rate (see rate table and disclosures below) will only accrue on the used balance of your line of credit and you can repay monthly or payoff in one lump sum with no penalties. An annual fee applies, see our fee schedule.
Standard Overdraft Practices
Standard Overdraft Practices come with most accounts, and it is referred to as Standard Overdraft Privilege. We authorize and pay overdrafts for the following types of transactions:
• Check (share drafts) and other transactions made using your checking (share draft) account number
• Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
• ATM transactions
• Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined. You may opt out of Overdraft Privilege at any time by contacting us at the number noted below or completing the form provided below.
Overdrafts Opt-In Form
Authorize or revoke authorization for us to pay overdrafts on ATM transactions and everyday debit card transactions.
• Fill out the form online
• Print the form
• Call us at 800-221-4020
Checking Line of Credit
Contact Us To ApplyRates for a checking line of credit.2
| Interest Rate |
|---|
| 18% |
1If the Sweep Transfer is linked to another checking account that has Overdraft Privilege, and the linked account does not have sufficient funds to cover the sweep, the Overdraft Privilege service may be activated, which may result in both a sweep transfer fee and an overdraft fee. See fee schedule for details. Aggregate three (3) fees per day per account. If your checking account has overdraft privilege, transactions exceeding your available balance may result in an overdraft fee of $30.00 for each transaction. Please verify your available account balance prior to your transaction. All overdrawn accounts must have a positive balance within 30 days. If the account used for Sweep Transfer is your membership savings account, the $5 membership share will not be available to sweep.
2Individuals under the age of 18 are not eligible for a Checking Line of Credit on their checking account. APR=Annual Percentage Rate. Programs, rates, terms and conditions are subject to change without notice. Subject to credit underwriting and approval. Loan amount and rate may vary based upon an individual’s credit history and underwriting factors. Visit our rates page for all available rates and terms. Rates effective as of , subject to change at any time and may increase after consummation. Offers may be withdrawn at any time. Workers Federal Credit Union membership required. Must be 18 years of age or older to be eligible. Annual fee of $25.