: Cache Coverage Overdraft Protection :
Now members have multiple options for overdraft protection. Choose one method, or a sequence of methods, to create a personalized overdraft protection plan. No matter what your situation we can help you protect your account and your reputation.
Choose from:
- Overdraft Transfers: will pay one or more overdrawn checks or electronic funds transactions with funds from the associated savings provided you have sufficient funds available in your savings account. See the Pricing Guide for fees. These transactions count against your Regulation D transfer limitations.
- Courtesy Pay option pays one or more overdrawn checks or electronic fund transactions and allows your account to have a negative balance for a short period of time. See the Pricing Guide for fees. Courtesy Pay will save you from merchant charges for insufficient funds and protect you from being reported to Check Systems provided the overdrawn check amount is within your available courtesy pay privilege.
- Overdraft Line of Credit allows you to access a line of credit in the event you need to cover one or more overdrawn checks or electronic funds transactions for a short period of time. No set up charges are incurred and you may pay off the line of credit at any time. Minimum line of credit advance is $500. You pay interest only, based on your good credit.
Some restrictions may apply so please contact Member Services to set up your personalized Cache Coverage plan. Fee amounts are subject to change. Call (907) 459-5900 or send an email to info@spiritofak.com.
Recent changes to the Overdraft Protection process will provide overdraft protection to your checking account for payment of an overdrawn check or electronic fund transaction by allowing transfers from the savings account that is directly associated to your checking account on which the transaction is being drawn. Automatic overdraft transfers from separate SoAFCU's savings accounts will no longer be available as of April 15, 2007. Please contact Member Services to make any changes to your personalized Cache Coverage plan.
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