Overdraft Protection Transfer Service
When Checking Shares do not have sufficient funds to clear an item that is presented, Overdraft Protection Transfer Service allows money to be pulled from other available funds to clear that item.
You may select shares as overdraft options. You may also choose your Visa loan as an overdraft option, provided you have established the line of credit. See below for details. 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.
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.
Managing Your Options
You can manage your overdraft options in online banking under the "My Profile" tab. If you don't have online banking, we can add or remove only share options over the phone. To add a Visa® line of credit as an overdraft option, you need to complete and return a form authorizing us to access your line of credit for overdraft transfers.
Federal regulations limit overdrafts to six per share account per month. There is no limit, however, to the number of times your Visa can be accessed by overdraft, provided there is available credit. If the total of funds needed to clear the check is not available through an overdraft option, 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 (point-of-sale) transactions with PSECU Visa debit card, you must have available funds in your checking account or your transaction will be declined. Overdraft Protection 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 from your Regular Shares.