Overdraft Protection
Cover temporary checking account shortfalls
Life gets busy, and keeping track of your checking account balance may be low on your to-do lists. Overdraft protection provides peace of mind, there to protect you if you don’t have sufficient funds to cover a check or debit transaction. Choose from different levels of protection to simplify your finances and help you avoid fees for overdrafts or returned checks.
Three Overdraft Options for Comfort and Control
Transfer from Savings
- Transfers from your savings account are your first line of defense.
- Small fee – just $1.00 per transfer
- Transfers are automatic
Personal Line of Credit
- Get protection from overdrafts up to your line of credit limit
- Doesn’t tap into your savings
- When tied to your checking account, the PLOC can also be used for overdrafts.
Premium Overdraft1
- Standard coverage for checks, ACH debit transactions, and recurring debit card transactions, plus an expanded opt-in only option for ATM and one-time debit card transactions
- Included with every checking account
- Covered at the discretion of the credit union
- Multiple coverage options
What can Premium Overdraft Coverage look like?
Premium Overdraft protection brings assurance and options. As always, we can guide you to the solution that’s right for you.
No Coverage
Without coverage, transactions will be declined if you don’t have enough funds in your account, and you may incur merchant fees. If you prefer no coverage, notify Broadview.
Standard Coverage
This coverage provides overdraft protection for checks, ACH debit transactions, and recurring debit card transactions.
Expanded Coverage
For more assurance, choose this option to add the protection of one-time debit card transactions and ATM transactions to standard coverage.
FAQ
Broadview offers three different options as part of our overdraft services:
1) Transfer from Savings – $1.00 fee per transfer, covers checks and ACH debit transactions.
2) Personal Line of Credit – For credit-qualified members, covers overdrafts up to your approved limit.
3) Premium Overdraft – Automatically available to members who maintain their checking account in good standing with overdrafts covered at Broadview’s discretion to prevent item/transactions from being returned or declined. Coverage is for checks, ACH debit transactions, and recurring debit card transactions. Coverage can be expanded to include one-time debit card and ATM transactions by opting in.
Your overdraft election will be processed within one business day; however, it may take up to two business days for any overdrafts to start being paid if you have selected to opt in.
No. Each checking account has a dynamic overdraft limit that is a customized amount based on factors such as how long an account has been open, as well as the amount and frequency of deposits into the account. Therefore, your overdraft limit may change based on your daily account activity. Broadview will attempt to pay transactions up to your limit.
In the event of an overdraft, Broadview will automatically attempt to pay checks, ACH debit transactions, and recurring debits. However, if you would also like Broadview to try to pay one-time debit card and ATM transactions, Broadview needs your affirmative consent (opt in) to do so.
While there is no fee to have Premium Overdraft coverage, your account may be assessed a tiered fee ranging from $10-$28 based on the amount of the overdraft.
If you don’t opt in, your one-time debit card and ATM transactions will be declined if funds are not sufficient in your checking account. Broadview will continue to attempt to pay your ACH, check, and recurring debit card transactions as normal.
It is expected that you make a deposit immediately to cover the negative balance.
Yes. You can change your overdraft preferences any time for any of your personal checking accounts.
Yes. You are free to make that choice, however we encourage you to consider it. Without overdraft coverage, your transactions will be declined when your checking account balance is insufficient, and you may be charged fees by both Broadview and the original merchant or entity. Overdraft coverage simply means it’s available if you need it. There is no risk in having it, and it is beneficial if you require it.
NOTE: If you decline overdraft coverage, your recurring debit card payments will still be paid and you will still incur a fee for these types of transactions if the payment takes your account negative.
If you decline all overdraft coverage or we are unable to pay an overdraft for you, the item will be returned to the initiator. When this happens, you may be charged a Returned Item fee by Broadview and a fee from the payment originator.
Bank Well, Live Better
Make the most of every Broadview benefit to simplify your finances and bank your way.
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Broadview’s Premium Overdraft Program offers a variety of options under which we may pay overdrafts. Standard Coverage includes checks, ACH debit transactions, and recurring debit card transactions. You may also opt in for Expanded Coverage which includes all items listed in Standard Coverage plus one-time debit card and ATM transactions. While there is no fee to have Premium Overdraft coverage, your account may be assessed a tiered fee ranging from $10-$28 based on the amount of the transaction that causes the overdraft . In the event of a covered overdraft , it is expectedthat you will make a deposit immediately to cover the negati ve balance. If you decline all overdraft coverage or we are unable to pay an overdraft for you, the item will be returned to the initiator, and you may be charged an overdraft fee (identified as Returned Checks – insufficient funds charge or ACH debit items – insufficient funds charge External Withdrawal (Returned) on the fee schedule and your periodic statement) by Broadview and a fee from the payment originator. Additionally, if you decline all overdraft coverage your authorized recurring debit card payments will still be paid and you will still incur a fee if the payment takes your account negative. Broadview is under no obligation to pay overdrafts, except for debit card transactions that are authorized for payment. Whether or not we pay an overdraft is discretionary and we reserve the right to not pay. We may consider factors such as size of the transaction, if there are regular deposits sufficient to cover transactions and the number of past overdraft occurrences. Premium Overdraft is a discretionary service available to members who maintain their checking account in good standing and in a responsible manner and have not exhausted their overdraft options.
