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Overdraft Options

Overdraft Solutions

Understanding Overdraft Options

We know life happens, and at LOC we want to make sure you are covered.

With your LOC account, you have options on how you want your items (checks, bill payments, pre-authorized transactions, and debit card transactions) to be paid or declined in the event of an overdraft situation.

Overdraft Protection

Low cost options to transfer funds to pay items presented against your checking account in the event of insufficient funds. You can opt for one or both options depending on your situation.

If you opt to have transfer capabilities from both a savings, another LOC deposit account and line of credit, you can tell us the order of accounts you’d like to use to transfer from first. (For example: line of credit, then savings or vice versa).

 

From a Regular Savings

From a Line of Credit

How it works

We can link your Regular Savings account to your checking account and transfer funds to cover items like checks, bill payments, pre-authorized payments and debit card transactions in the event you do not have sufficient funds in your checking account.
If you have another Regular Savings or Checking account with LOC, we can link that account as well.

We will only transfer the necessary amount to cover the items presented for payment plus the fee.

We can link a line of credit to your checking account and transfer funds to cover items like checks, bill payments, pre-authorized payments and debit card transactions in the event you do not have sufficient funds in your checking account.

Transfers are done in $50 increments, regardless of the amount needed to cover an item.

Fee

$5 per transfer

No annual fee or transfer fee; balances are subject to a daily variable Annual Percentage Rate (APR).

Is this right for you?

Good if you:

 Have funds regularly available in your savings account

 Only overdraft a couple of times a year

Good if you:

 Are creditworthy and qualify

 Don’t have a savings balance or keep minimal amount in your savings

 Frequently overdraft but are able to pay off your balance each month

 Like the option of having a line of credit available to you at your disposal

How to add

We automatically link your savings account to your checking account.  We've got you covered!

Contact us if you would like to link another checking  or regular savings account. 

Apply:

Online

Over the phone 800.837.4562

At a branch

 

Overdraft Privilege Coverage

In addition to Overdraft Protection, LOC provides qualifying members Overdraft Privilege Coverage options described below. This coverage is available for checks, bill payments, pre-authorized transactions, ATM and everyday debit card purchases.

This coverage can save you embarrassment when you are short of funds to cover your transaction.

 

Standard Coverage 
Checks and Pre-authorized Transactions

Extended Coverage
ATM and Everyday Debit Card Purchases

How it works

We may automatically qualify and enroll your account in Overdraft Privilege to cover checks, electronic bill payments  and pre-authorized transactions up to $750

You must bring your account to a positive balance as soon as possible or your privileges may be suspended.

You must give us authorization to enroll your account in Overdraft Privilege to cover your everyday debit card purchases.

 

If you do not authorize this option, your everyday ATM and debit card purchases may be declined.

Fee

$30 per item paid

$30 per item paid

How it works with Overdraft Protection

If your checking is linked to a savings account and/or line of credit, we will first attempt to transfer funds from those options to cover your items before using your available Overdraft Privilege.

If your checking is linked to a savings account and/or line of credit, we will first attempt to transfer funds from those options to cover your items before using your available Overdraft Privilege.

What happens if you decline

Your item will be returned unpaid, and we will charge your account a $30 returned item fee.

This is in addition to the fee your merchant or service provider may charge you.

Your transaction may be declined, and you may be required to use another form of payment to complete your purchase.

How to add

Unless you declined at account opening or had your privileges revoked, your checking account is likely set up with this feature.

You may call us at 800.837.4562 to verify your status.

You must enroll for Extended Overdraft Privilege Coverage.

You can enroll by calling us, visiting a branch, or by completing the form below and mailing it to us.


enroll now

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