Elevations Checking Accounts offer Overdraft Protection
Everyone makes a mistake with their checking account once in a while. For the times that you do, Elevations Overdraft Protection Plan is there for you. Elevations Overdraft Protection Plan includes Overdraft Transfer Sources and Courtesy Pay. In the event that an overdraft occurs due to insufficient funds, Overdraft Protection could:
- Transfer the sufficient amount from an overdraft transfer source
- Cover the transaction with Courtesy Pay
With one or both of these options, you can:
- Protect your good credit rating in the event of an overdraft
- Avoid the embarrassment of purchases being declined
- Save money: You'd otherwise have to pay high merchant returned check charges and collection agency fees
Overdraft Transfer Sources
Here's how it works:
Overdraft Transfer Sources are a great way to ensure your purchases are approved in the event of insufficient funds in your checking account. Overdraft transfer sources can be one of the following: your membership savings account, an alternate savings account, or your Elevations credit card. And you can designate up to 8 overdraft transfer sources per checking account.
- When you open your checking account, your membership savings account is automatically designated as your first overdraft transfer source
- Contact us and let us know if you'd like to change or set up additional overdraft transfer sources
- Funds are automatically transferred into your checking account when you do not have sufficient funds available to cover a transaction
- A $3. transfer fee is applied to your checking account
Example: If you have $10.00 in your checking account and a $50.00 overdraft occurs, $43.00 ($40.00 to cover the remaining amount and the $3.00 transfer fee) would be transferred from your overdraft transfer source. The $3.00 transfer fee would then be charged to your checking account leaving your account balance at $0.00)
In comparison, the overdraft transfer fee is a less costly option than Elevations Courtesy Pay.
If you do not have an overdraft transfer source tied to your checking account, or if there are not enough funds available in your overdraft transfer source(s), Courtesy Pay could be applied to your checking account. Courtesy Pay is a privilege that can be extended to checking account holders at Elevations discretion. There are two types of Courtesy Pay that can be applied:
- Courtesy Pay for Checks (including automatic bill payments, electronic fund transfers (EFT), or recurring debit card payments)
- Elevations checking account holders are automatically enrolled into this type of Courtesy Pay
- Courtesy Pay for Debit Card Purchases (including one time PIN based transactions or signature transactions)
Here's how it works:
- Fill out the online form or contact us and let us know that you'd like to opt-in for courtesy pay for debit card purchases - checking account holders are automatically enrolled in courtesy pay for checks
- If there are insufficient funds in your checking account to cover the transaction, Elevations will first transfer the amount from an overdraft transfer source
- If the overdraft transfer source does not have enough funds to cover the overdraft amount, it will either go to the next overdraft transfer source (if applicable) or Courtesy Pay may be activated
- Elevations will allow the transaction to bring your checking account balance negative
- A $31. Courtesy Pay fee is applied to your checking account
- You must return your balance to or above $0.00 as soon as possible
Example: If your checking account balance is $10.00 and Courtesy Pay allows a $50.00 transaction on your account, a $31.00 Courtesy Pay fee would be applied to your checking account balance, in which your account balance would be
In comparison, Elevations Courtesy Pay is a less costly option than the transaction being declined and a Non-Sufficient Funds (NSF) fee occurring. Although both fees are $31., in the event of a NSF, you could potentially incur merchant returned check charges and/or collection agency fees.
* Elevations covers insufficient funds with Courtesy Pay at our discretion, which means we do not guarantee that we will always pay an overdraft. If we do not authorize and pay an overdraft, your transaction will be declined.
Any savings account that is a designated overdraft transfer source is still subject to Reg D requirements.
See the Fee Schedule for associated fees such as Courtesy Pay fee and non-sufficient funds fee. Or view our What You Need to Know About Overdrafts and Fees helpful guide.