Overdraft of your account from another financial institution without overdraft protection not only causes costly fees or embarrassing situations – it could also put your current account at risk of closure. To learn more about Credit Union members` current accounts and our overdraft protection options, please call your local office or our membership services department at 800-951-8000. With a check line, you`d rather lend the $18 against the overdraft line. The bank would charge you interest on the loan at an interest rate comparable to credit cards and possibly a transfer fee, such as. B 5 USD per covered item. When are the payments due? If a credit advance is established, your credit payment is due on the last day of each month. For credit advances made after the 15th of each month, the first payment is due the following month. If you keep an overdraft balance, your payment will be due on the last day of each month for at least the minimum monthly payment of $100. If you have linked a line of credit to your current account, it`s best to balance your account and sign up for low-balance alerts to find out when you have rare pennies. If you re-register the credit in a few weeks from the date your paycheck is paid into your current account, interest charges can range from less than a dollar to a few dollars. So you don`t pay more than $20 in fees and interest to cover the overdraft line instead of $105 with standard overdraft protection – a considerable difference of $85. Instead of automatically returning your unpaid funds (NSF), mcU offers three types of overdraft protection that can save you money.
It`s always best to keep a cushion of cash in your current account, but sometimes you catch mistakes and surprises, and a credit overdraft line offers a backup plan for these situations. If your current account is empty and you don`t have an account-related line of credit, the penalties depend on the nature of the fees on your account and the introduction of other overdraft protections for your account, for example.B. Avoid the frustration and embarrassment of a hard-hitting cheque with Credit Missouri Union overdraft protection. We offer this service for all current accounts in the unlikely event that your balance is low. You don`t need to apply for this service or sign additional documents. It is already part of your current account contract with us. An overdraft line is a credit assigned to your current account. If you are short of money and have been approved by your bank for this type of add-on, the line of credit can cover the fees, so you cannot give away cheques, miss payments or refuse your debit card. Some banks also allow you to access the line of credit if you need emergency money. However, if the funds in your current account and savings account are not enough to pay the cheque, we will make an overdraft advance to your credit limit. Then deposit your credit advance into the current account and clear the cheque.