Sometimes, overdrafts happen. You pay your bills and accidentally end up with a negative balance in your checking account because all the transactions posted a day before your next paycheck deposited. Most checking accounts offer a one-day grace period so you can transfer funds to bring your account back into the positive and avoid overdraft fees.
However, there are times when it's not possible to bring your account balance back up in time. Overdraft fees can range from $10 to $40, depending on your financial institution's policy, and you may be charged for each day your account remains overdrawn. If your account stays overdrawn for about 60 to 90 days, the financial institution may close it and send the debt to collections. This can negatively impact your banking history and potentially your credit score if left unresolved.
A Safety Net in Times of Need
That’s why we’ve introduced Plus Checking, a low-to-no-fees account with extra measures for overdraft protection, so you can worry less with no overdraft or nonsufficient funds (NSF) fees. This checking account provides peace of mind with added transaction protection for Members who occasionally overdraft by accident, such as those who may have automatic payments set up for recurring bills like utilities, car insurance, memberships, or subscriptions.
Plus Checking¹ offers layers of protection for overdrafts. It’s unique with a built-in overdraft-only $500 line of credit with a competitive, low interest rate. It’s important to note that the overdraft-only Plus Checking line of credit is only meant to cover accidental overdrafts and cannot be used for regular purchases on credit, like you would with a credit card. Additionally, you can enjoy overdraft protection on the checking account when linked to an eligible savings or other deposit account with fee-free transfers. Choose what’s best for you, and set either option as your primary protection, with the other as backup in case the primary doesn’t cover the full expense.
More to Love
Enjoy numerous free features, such as a Debit Mastercard®,² direct deposit, eStatements, two free boxes of Credit Union custom-design personal checks per year, 24/7 Mobile App access, and our Relationship Rewards Program. Unlike most checking accounts, there’s no minimum balance requirement to maintain the account, and the low monthly service fee can be waived by several ways.
We strive to support you in every possible way by offering convenience and tools for your financial success. With Plus Checking, you have the option to set up account alerts to stay informed about your balance and help curb overdrafts in the first place. These alerts can be customized for low balance notifications, deposits and withdrawals, daily balance updates, and direct deposit confirmations. Through our extensive CO-OP network, you can access your funds at nearly 30,000 surcharge-free ATMs using your debit card. Furthermore, you’ll have complimentary access to our Member Resource Center, which provides valuable financial wellness resources such as debt and credit coaching through our partners at GreenPath, webinars, calculators, articles, and guides.
For FAQs regarding Plus Checking and to learn more, click here.
At Orange County’s Credit Union, we've got you covered. Say goodbye to extra fees and enjoy peace of mind knowing your account is protected. Ready to get started?
¹For additional information, please click here.
²Mastercard and the Mastercard brand mark are registered trademarks of Mastercard International Incorporated, used pursuant to a license.