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OVERDRAFT LINE OF CREDIT

More Flexible Purchasing Power With an Overdraft Line of Credit

Worried about overdrawing your checking account? An overdraft line of credit can help protect you against incurring fees in the event that your balance drops below zero.

Advantages of an Overdraft Line of Credit

  • Competitive rates based on credit history and account relationship
  • Most members will qualify for limits between $500 and $7500
  • Affordable payments

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How Does Overdraft Protection Work?

When you have a pending bank transaction that is higher than your checking account balance, your bank might do one of the following things:

  • Cover the pending transaction but charge you an expensive fee
  • Reject the pending transaction and charge you a fee for non-sufficient funds

With an overdraft line of credit, you can link your checking account to another one of your accounts to cover any pending transactions not covered by your checking account balance. You can link one of the following accounts: 

  • Credit card
  • Savings account
  • An overdraft line of credit

With overdraft protection, you still need to manage your money responsibly, but you have an extra layer of protection in case you experience a shortfall in funds or financial emergency.

Do I Need Overdraft Protection?

Overdraft protection provides you with a safeguard in the event of a financial emergency. You can avoid expensive bank fees and always cover pending transactions from your checking account. 

Without overdraft protection, your bank might decline pending transactions if there isn't enough money in your checking account. This can cause the following problems:

  • Your bank can charge you a fee for having non-sufficient funds.
  • The merchant that presented the payment might charge you an additional fee.
  • You might not be able to pay for household groceries, rent, bills, and other goods and services. 

One of the easiest ways to guarantee pending transactions go through is an overdraft line of credit. This short-term borrowing facility covers pending bank transactions if there is not enough money in your checking account (up to a certain limit). This provides you with peace of mind. 

An overdraft line of credit can help protect you against fees in the event that your balance drops below zero. Call today!