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Overdraft Protection Services

No one wants the hassle or embarrasment of a transaction denial or a returned check, but life is busy. It can be easy to lose track of expenses, especially when unexpected ones arise. At Sharon Credit Union, we get it! That's why we've made sure to have our members covered with three different Overdraft Protection options and free eAlerts.  You can take advantage of all of our Overdraft services giving your account layers of protection, choose some or even none! If you do take advantage of more than one service and the need arises to cover an overdraft, we will apply the services in the order you request. We do, however, recommend starting with free eAlerts first and choosing Overdraft Privilege Services last as it can be the most costly option.

The Best Line-Up of Checking Account Protection 

1. Alerts

With alerts you can set-up email notifications to let you know when your checking account balance is low, you have exceeded your budget, reached a goal, and much more. Alerts allow you to manage your balances easily and avoid overdrafts and fees associated with overdraft protection services. To set-up your alerts, just login to Online Banking and select Settings and the Notifications tab.

2. Overdraft Transfer

When you link your Sharon Credit Union savings account to your checking account, we will transfer available funds from your savings account to cover overdrafts. Two transfers per month are permitted free of charge. For additional transfers in a given month, a low service charge applies. Refer to our schedule of charges.

NOTE: Overdraft transfers are transactions subject to monthly transfer limitations prescribed for savings accounts by government Regulation D. Refer to your savings account disclosure or ask a member service representative for a description of these limitations.

 

3. Overdraft Protection Line of Credit

By establishing an Overdraft Line of Credit, you can write yourself a loan as needed to protect your checking account from overdrafts. Your line of credit will be automatically accessed when a debit transaction exceeds your available account balance. Approval is subject to your credit worthiness with this overdraft option and you must apply.

  • $300 minimum to $1,500 maximum credit limit
  • Fixed interest rate
  • Interest is calculated on the outstanding balance only
  • Flexibility to give yourself extra cash when you need it

Apply for Protection

4. Overdraft Privilege Service (OPS)

OPS is a discretionary program under which Sharon Credit Union will consider paying items drawn on your checking account if it has insufficient or unavailable funds, instead of automatically returning those items unpaid. Checking account holders are automatically enrolled in OPS after they meet the following requirements:

  • Account open for at least thirty (30) days
  • $400 or more of deposits within each thirty (30) day period
  • Consistent deposit activity
  • Account owner is current on all loan obligations
  • Account is not subject to any legal or administrative order or levy
  • Overdrafts are promptly repaid

Please read the full OPS Terms and Conditions.

 

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