WHY SHOULD I HAVE AN OVERDRAFT PROTECTION LINE OF CREDIT?

An Overdraft Protection Line of Credit protects your checking account from fees obtained due to insufficient funds. 

HOW MUCH?

All lines will be for a maximum of $500.00 at a fixed rate of interest of 12.00% APR.  It doesn’t costs you anything to have the Line of Credit available for you, the only fees involved will be if you access the line of credit by overdrafting your checking account. A fee of $5.00 will be assessed for each day the line is accessed.  Transfers to cover the overdraft amount will be made from the Overdraft Protection Line of Credit to the checking account in increments of $50.00 to cover both the overdraft amount and the access fee.  A full increment of $50.00 must be available for transfer.

HOW DOES MY OVERDRAFT PROTECTION LINE OF CREDIT WORK?

Should checks attempt to clear your account where there are not sufficient funds available to clear the account, the computer will automatically access the Overdraft Protection Line of Credit if it is available.  Funds will be transferred in $50.00 increments to cover the overdraft amount plus the $5.00 fee.  Once the line is activated and an initial transfer is made a notice will be mailed to you, making you aware of the amount transferred.  This notice will also serve as a payment reminder.  Payments will be made automatically from your checking account on the 25^th of the month, beginning on the month following the initial transfer.  These payments will be in the amount of $20.00 until the Overdraft Protection Line of Credit is paid in full.

HOW DO I SIGN UP FOR AN OVERDRAFT PROTECTION LINE OF CREDIT?

You may apply by either, mail, fax,  phone. if needed, or you can APPLY ONLINE.  It’s that easy, but don’t wait until the need for the Overdraft Protection Line of Credit comes up and you don’t yet have it.  Just remember—It doesn’t cost  anything to be cautious!!