Overdraft Protection

Overdrafts to your checking account are seldom planned, but usually occur at the most inopportune times. For this reason, it’s important that you maintain some form of overdraft protection. County Federal offers a number of overdraft options to ensure your everyday checking transactions are covered. Keep in mind, you are not limited to just one; all these options are available as a form of overdraft protection for your Rewards Checking Account.

Overdraft Savings

Overdraft Protection from Savings

You can opt to use your Savings Account as a form of overdraft protection. In the event you overdraw your checking account, the overdrawn amount will be transferred from the designated savings account. Certain restrictions may apply.*

*Federal Regulation D establishes the requirement for all banks and credit unions to maintain a particular monetary reserve amount at the Federal Reserve Bank. Regulation D sets limits on non-transaction accounts (Share Savings accounts, Money Market accounts, and Share Certificate accounts) to ensure funds intended to be deposited for savings stay within the financial institution. If members use their non-transactional accounts as transactional accounts (Checking), financial institutions are at risk for federally mandated penalties. In general, a transactional account is one designed for frequent, unlimited transfers of money without withdrawal penalties. If you access non-transactional accounts more than six times per month through a non-personal withdrawal, you may be charged a penalty fee in accordance with Regulation D. Non-personal withdrawals include the following transactions: ACH transfer, automatic transfers to other accounts, Online Connection transfers, Direct Connect 24 transfers, transfers over the phone, overdraft transfers, checks, or point of service (POS)/Check Card transactions. Personal withdrawals made in person at a branch, via ATM or in writing are exempt from Reg D limitations.  

Overdraft Line of Credit

Overdraft Line of Credit

Avoid “bounced” or returned checks with our Overdraft Line of Credit. In the event of an overdraft, the funds are automatically transferred to clear any outstanding checks up to your approved credit limit. Using an Overdraft Line of Credit is less costly than paying an NSF (non-sufficient funds) fee and you only pay interest on the amount that was transferred to cover the overdraft. Plus there are no restrictions on the number of overdraft transfers from a Line of Credit.

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Courtesy Pay

Courtesy Pay

County Federal offers Courtesy Pay as a value added service that will pay an item presented for payment against your Rewards Checking Account, even if it causes the account to become overdrawn. Courtesy Pay even extends to your VISA Check Card or ATM Card. You may be able to overdraw your Rewards Checking Account up to our policy limit (currently $750 but subject to change at any time), as long as your account is in “good standing” and has been open at least 60 days. A $29 per item fee will be incurred each time we pay against an overdrawn account. Federal lawmakers created new rules governing overdraft protection programs which went into effect July 1, 2010. You must now Opt-In if you want to continue coverage through Courtesy Pay to cover your ATM and everyday debit card transactions in the event you exceed your available checking account balance. To Opt-In to Courtesy Pay Program, simply click here, or you may also click here to print the Opt-In form and return by mail. Or visit any County Federal Branch.

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