Lately, financial institutions have sent letters to their checking account holders requesting them to opt-in to an overdraft protection plan that will allow debit card purchases or ATM withdrawals to clear the Checking Account, even when funds are not available. Sounds like a great deal until you learn that some financial institutions could charge as much as $39 per overdraft item. Avoid high overdraft protection fees by opening a Checking Account at Members Credit Union (MCU) with overdraft protection. MCU offers two money saving options to help you avoid an accidental overdraft.

1. Savings Account Related Overdraft Protection

MCU will transfer money from your MCU Savings Account to cover a charge or check that would have overdrawn your Checking Account. Funds from savings will be transferred in $25 increments to cover the charge and there is no transfer fee.

2. Line of Credit with VISA Debit Card Overdraft Protection

MCU will transfer money from your MCU Line of Credit to cover a charge or check that would have overdrawn your Checking Account. Funds from the line of credit will be transferred in $25 increments to cover the charge. There is no charge for transferring the money. This transaction is considered a loan, currently with a 10.75% variable APR. Excessive balance charges may be applied if the credit limit is exceeded.

Overdrafting your account at another financial institution without overdraft protection not only causes expensive fees or embarrassing situations – it could put your checking account in danger of being closed. To learn more about Members Credit Union’s Checking Accounts and our overdraft protection options please call your local branch or our Member Services Department at 800-951-8000.