Stay Protected with Calcasieu Teachers and Employees Credit Union’s Overdraft Protection
Are you tired of worrying about NSF fees and declined transactions?
Our overdraft protection service can help give you peace of mind and keep your finances on track.
With overdraft protection, we link your checking and savings accounts together. Then, if you overdraw your checking account, we’ll automatically transfer money from your savings account to cover the difference1. This way, you won’t have to worry about declined transactions or costly overdraft fees.
Our overdraft protection service is easy to set up and only costs $5 per transfer2. That’s a small price to pay for the peace of mind and financial security it provides.
Don’t let overdraft fees and declined transactions derail your finances. Sign up for overdraft protection at Calcasieu Teachers and Employees Credit Union today and enjoy the peace of mind that comes with knowing your transactions are protected.
Difference Between Overdraft Protection and Courtesy Pay:
- Courtesy Pay – You don’t have the money, but the credit union will cover the transaction up to $500 and charge a $25 fee per transaction.
- Overdraft Protection – You don’t have the money in your checking account, but you do in your savings account. The credit union will automatically transfer the money from your savings to your checking and charge a $5 fee.
1. Understanding Actual vs Available Balances: Actual Balance is the total amount of funds in your account. The Available Balance is the amount of funds minus holds on your account and reflects what you have available to spend. Many holds are beyond the credit union’s control and reflects items such as requirements of the payment networks that your transactions are processed through via the merchants with whom you choose to do business. Some holds may be due to a hold placed on a check that you deposited. Please see the credit union’s Funds Availability Policy for more information. If you exceed your Available Balance (even though the Actual Balance may be greater), you may overdraw your account. This may result in Insufficient Funds (NSF) Transactions, Returned Items, and Fees including Overdraft Service because of exceeding your Available Balance. You can view your Actual and Available Balances via Online Banking, Mobile Banking, visiting a branch, etc. For additional details, please refer to your membership and account agreement.
2. By choosing to have Overdraft Protection linked to your savings account and the funds are available in the savings account to transfer, the credit union will only charge $5.00 per transfer. If you choose to not link your savings to your checking, you may be charged for NSF or Courtesy Pay fees which are higher. In order to not be charged any fees, you may use Online Banking or Mobile Banking to transfer the money directly to the checking account before the item posts.