Overdraft Protection

Nearly every member has a slip-up with their account now and then, causing them to overdraw their account.  Unfortunately, even a rare overdraft can equate to a bundle of fees, and hours of hassle...not to mention a slight hue of embarrassment!  Fear no more, EdCo offers several forms of overdraft protection:

Members have 3 Overdraft Options to choose from.  You can choose to implement 1, 2, or all 3 options on your checking account(s).

1) Transfer From Savings:
We can setup an automatic transfer from a savings account to your checking account any time your account is at risk of being overdrawn.  There is a small processing fee of $1.00 to cover costs of mailing notices.  Funds can only be transferred a maximum of six times per calendar month. 

To setup automatic transfers from your savings account to cover overdrafts, please complete and return this form to the credit union.

2) Overdraft Line-of-Credit:
An Overdraft Line-of-Credit enables you to "dip-in" to an unsecured line-of-credit if you overdraw your account.  You are only charged for this service if/when you use it.  If a transaction is going to overdraw your account, we will "borrow" funds from your Overdraft Line-of-Credit to pay the overdraft item.  We will notify you that you have accessed your Overdraft Line-of-Credit and you will begin paying interest on those borrowed funds until your Overdraft Line-of-Credit has been fully replenished.

To setup an Overdraft Line-of-Credit, please complete and return this form to the credit union.

3) Courtesy Pay:
Courtesy Pay is a way for us to provide a higher level of service to you by helping protect your account and reputation when an inadvertent overdraft occurs. Courtesy Pay may cover your insufficient funds transactions, up to a $500 limit, for one low fee per covered overdraft transaction; saving you additional charges from the merchant or collection companies.

How Does Courtesy Pay Work? EdCo may honor overdrafts on your checking account, up to a limit of $500, including the amount of the overdrawn item(s) and the Courtesy Pay fee(s). A $25 fee will be assessed for each item that draws your account negative.  You then have up to 30 days to bring the account back to a positive balance, either through a direct deposit, transfer of funds, or a deposit at our office.

What If I Already Have Overdraft Protection?  If you have established other overdraft protection methods, such as a line of credit or automatic transfer from your other accounts, we will always look to pay any overdraft by those other methods first before paying your overdraft utilizing Courtesy Pay and imposing a $25 fee for each overdraft we pay.

Do I Have To Opt-In For This Service?  Yes. If you wish to use our Courtesy Pay service, please complete and return our Overdraft Opt-In Form AND Courtesy Pay Opt-In form to the credit union.