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 Overdraft Protection


With our busy lives, it’s easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds.

Have peace of mind knowing your checking account is covered when the unexpected happens. Your choices for Overdraft Coverage include: transfers from savings, transfers from a line of credit*, and Overdraft Privilege. You choose which works best for you.

Savings Transfer
Set up Overdraft Protection Transfer from another deposit account you have at Liberty First Credit Union. In the event of an overdraft, available funds will be automatically transferred to your checking account. Transfer fee applies.

This type of transaction falls under Regulation D of the Board of Governors of the Federal Reserve System and is limited in frequency. You are allowed a total of six Regulation D transactions per calendar month. These transactions are without a signature and include overdraft protection transfers from shares, telephone transfers, telephone wire transfers, etc.
 
Line of Credit Transfer
Elect to have funds automatically transfer from your Liberty First Line of Credit to your Liberty First checking account to cover insufficient funds. With a Liberty First line of credit, you also have the ability to access your available credit line anytime you need extra funds.
 
A low monthly payment of $2.00 per $100.00, with a minimum of $15.00, is required whenever you carry a balance on your line of credit. Interest accrues on outstanding balances. Many convenient repayment options are available such as automatic transfer from another Liberty First account or from your direct deposited paycheck. Best of all, there is no annual fee and a fixed interest rate!
 
*Normal credit granting standards apply.

Overdraft Privilege
Liberty First’s Overdraft Privilege program allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Overdraft Privilege is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to your Overdraft Privilege selection.
 
Even if you have Overdraft Protection, Overdraft Privilege is still available as additional coverage if your other protection sources are exhausted. Liberty First can only pay overdrafts for ATM or everyday debit card transactions if you have given us consent to extend coverage for payment of these overdrafts.
 
If you would like to select Extended Coverage to cover ATM and everyday debit card transactions:

Accounts will be charged the standard Overdraft fee of $35.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $35.00 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to Liberty First Credit Union, or if your account is subject to any legal or administrative order or levy.