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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.

An overdraft occurs when we allow you to spend more money than what’s available in your checking account versus declining or denying the transaction.

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 Transfers

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 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.

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!

Apply:

Online

Over the phone 800.837.4562

At a branch

 

Overdraft Protection Coverage

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

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

 

Checks and Pre-authorized Transactions

Everyday Debit Card Purchases

How it works

We may automatically qualify and enroll your account in Overdraft Protection 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 overdraft protection may be revoked.

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

 

If you do not opt-in for this option, your everyday debit card purchases will be declined.

Fee

$30 per item paid

$30 per item paid

How it works with Overdraft Transfers

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 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 Protection.

What happens if you decline or opt-out

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

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

Your transaction will be declined, and you will 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 opt-in to have this feature available on your Overdraft Protection Coverage.

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


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