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WCCU Overdraft Coverage Program Comparison

 

Overdraft
Privilege

Sweep Processing

Overdraft
Lines of Credit

What is it? Allows WCCU the option to cover your overdrafts up to your Overdraft Privilege Limit (including service charges) if you inadvertently overdraw your account.1 Allows WCCU to access your savings account to cover insufficient funds. A line of credit you can access to cover insufficient funds.
How do I sign up? Automatically signed up when a checking account is opened. (A $100 introductory Overdraft limit is placed on accounts for the first 35 days.) Extended coverage is also available for ATM and everyday Debit card transactions with your prior consent. Sign up for extended coverage through Online Banking ( "Other Services" tab), a secure Overdraft Privilege electronic authorization form or at any branch location. Must sign form to participate at any branch location. Must apply for Line of Credit Online or at any branch location.
Linked to what account? Checking Account(s) A statement Savings account or Line of Credit. Line of Credit.
Insufficient Funds Fee $29.50 per item declined
 
$5.00 per Sweep. $5.00 per transaction and 18% APR.2
Is there a limit on how much I can overdraft my account? After the first 35 days, we may cover insufficient funds up to $850 for Personal, $1000 for Personal with Direct Deposit and $1200 for Business, incurring a fee per declined transaction. Transfers funds from your Savings account to cover insufficient funds, incurring a service charge per transaction. Up to $2000 revolving Line of Credit with a low fixed rate.
What transactions are covered? Checks, ACH transactions, teller window, automatic bill payment, internet/telephone banking or by completing an in-person transfer between accounts. Extended coverage is also available for ATM and everyday Debit card transactions with your prior consent (sign up required). Checks and automatic bill payment. Also, ATM and Debit card transaction (sign up required). Checks and automatic bill payment. Also, ATM and Debit card transaction (sign up required).
For more information about our products & services, please visit our office, or call 401.596.7000 to speak with a Financial Services Representative.

1)WCCU’s Overdraft Privilege represents a discretionary courtesy or service that the Credit Union may provide to its members on an occasional basis and which may be withdrawn or withheld by the Credit Union at any time without prior notice, reason or cause. Ask a Financial Services Representative for our Complete Account Disclosure and/or Schedule of Service Charges for more details. 2)Annual Percentage Rate (APR) as of 10/16/2019 and subject to change. Repayment of overdraft funds is due immediately. Federally insured by NCUA.

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