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When Checking Shares do not have sufficient funds to clear an item to be paid, Overdraft Transfer Service allows money to be pulled from other available funds to clear that item.
You may select shares and/or loans as overdraft options. You must have those shares or loans on your account, and they must be under the same member's account number. You may add or remove your overdraft options at any time.
Share Options:
- Regular Shares
- Vacation Shares
- Christmas Shares
- Money Market
Loan Options
The following options are only available if you have an established line of credit and are subject to your existing credit limit and current loan policy. You may only choose one.
- The Capitol Card® (PSECU's Visa®)
- Personal Line of Credit (Personal Service Loan - PSL)
Federal regulations limit overdrafts to six per share account per month. There is no limit, however, to the number of times your Visa or PSL loan can be accessed through overdraft, provided there is available credit. If the total of funds needed to clear the check is not available through the overdraft options, no money is transferred from any of the overdraft options. The check is considered to have non-sufficient funds.
The $5 Regular Share minimum and any pledged shares will not be transferred.
Important: When using debit with PSECU Visa Check Card, you must have available funds in your checking account or your transaction will be declined. Overdraft Transfer Service does not apply to debit transactions. Loan options are treated as cash advances and are subject to those rates and accrue interest immediately. If you did not choose an option when you set-up your account, PSECU will automatically set up overdraft transfers to your Regular Shares.