An overdraft occurs when you do not have sufficient funds in your account to cover a transaction, but we pay it anyway. The type of transactions covered range from a debit card trasaction to an automatic bill pay to a check written from your checking account. We can cover your overdrafts in three different ways:
- Transfer from Savings
- Transfer from a Loan or Line of Credit
- Overdraft Advance
Transfer from Savings
If you do not have sufficient funds in your checking account to clear a particular transation, we can transfer a portion (or all) of the overdraft amount from your attached savings account. There is a nominal fee per transfer per item.
Transfer from a Loan or Line of Credit
WHFCU has two different loan options that can serve as an overdraft option. You may use a loan or a line of credit as an funding source in the case of of an overdraft. In each case, there is a nominal fee per transfer per item fee to use this service.
Similar to a courtesy pay, we will pay items such as debit card and check transactions up to $500 below a zero balance in your account. You will be charged a fee of $30 per transfer per item. This option is available to you after you are a member in good standing for more than 60 days.
We will always try to to cover your overdrafts using the most cost-efficient manner possible, which is why we automatically look to your savings account and/or your loan accounts as a funding source before charging the Overdraft Advance fee.
Not sure which option is right for you? Contact a member service representative and we'll help you figure out the best option for you!
Note: We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined and NSF fees may apply.