Overdraft Protection
Overdraft Protection
Cover temporary checking account shortfalls
Life gets busy, and keeping track of your checking account balance may be low on your to-do lists. Overdraft protection may protect you if you don’t have sufficient funds to cover a check or debit transaction. Choose from different levels of protection to simplify your finances and help you avoid fees for overdrafts or returned checks.
Your Overdraft Options
Your Overdraft Options
Premium Overdraft – Standard
- Coverage for checks, ACH debit transactions, and recurring debit card transactions
- Included with every qualified checking account
- Covered at the discretion of the credit union
Premium Overdraft – Expanded
- Standard coverage for checks, ACH debit transactions, and recurring debit card transactions
- Opt-in required to expanded coverage for ATM and one-time debit card transactions
- Covered at the discretion of the credit union
What can Overdraft Coverage look like?
What can Overdraft Coverage look like?
Let's guide you to the solution that’s right for you.
No Coverage
Without coverage, transactions may be declined or returned if you don’t have enough funds in your account. Returned items may be subject to fees per the Broadview fee schedule, and you may incur merchant fees. If you prefer no coverage, notify Broadview.
Standard Coverage
This coverage provides overdraft protection for checks, ACH debit transactions, and recurring debit card transactions.
Expanded Coverage
Choose this option to add the protection of one-time debit card transactions and ATM transactions to standard coverage.
FAQ
Broadview can cover overdrafts in two different ways:
1) Standard overdraft practices (called “Premium Overdraft”) that come with your checking account.1
- Premium Overdraft is automatically available to members who maintain their checking account in good standing with overdrafts covered at Broadview’s discretion to prevent items/transactions from being returned or declined. Coverage is for checks, ACH debit transactions, and recurring debit card transactions. Coverage can be expanded to include one-time debit card and ATM transactions by opting in.
2) Overdraft protection plans, such as a link to another eligible account and/or to an eligible line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
Your overdraft election will be processed within one business day; however, it may take up to two business days for any overdrafts to start being paid if you have selected to opt in.
No, not always. Each checking account has a dynamic overdraft limit that is customized for the account holder. Factors include how long the account has been open, deposit amounts, and frequency. Based on your daily account activity, your overdraft limit may change. Broadview will attempt to cover transactions up to your limit.
When there’s an overdraft, Broadview will automatically attempt to pay checks, ACH debit transactions, and recurring debits. However, if you want Broadview to try to pay one-time debit card and ATM transactions, Broadview needs your consent. You do that by opting in.
While there is no fee to have Premium Overdraft coverage, your account may be assessed a $25 fee for each transaction paid into overdraft.
If you don’t opt in for Premium Overdraft’s Expanded Overdraft Coverage, your one-time debit card and ATM transactions will be declined if there isn’t enough money in your checking account. Broadview will attempt to pay your ACH, check, and recurring debit card transactions with Standard Overdraft Coverage, as usual.
Make a deposit immediately to cover the negative balance and keep your checking account in good standing.
Yes. You can change your overdraft preferences on any of your personal checking accounts anytime.
Yes you can have no overdraft coverage. Overdraft coverage simply means it’s available if you need it.
Without overdraft coverage, transactions will be declined when your checking account balance is insufficient. You may be charged fees by both Broadview and the merchant or company you attempted to pay.
NOTE: If you decline overdraft coverage, your recurring debit card payments will be paid. You will still incur a fee if the debit card payment takes your account negative.
If you decline all overdraft coverage, or Broadview is unable to pay the overdraft for you, the item will be returned unpaid to the initiator. When this happens, you may be charged a returned item fee by Broadview and a fee from the entity you attempted to pay.
Bank Well, Live Better
Make the most of every Broadview benefit to simplify your finances and bank your way.
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Broadview’s Premium Overdraft Program offers a variety of options under which we may pay overdrafts. Standard Coverage includes checks, ACH debit transactions, and recurring debit card transactions. You may also opt in for Expanded Coverage which includes all items listed in Standard Coverage plus one-time debit card and ATM transactions. While there is no fee to have Premium Overdraft coverage, when we pay overdraft items for you, you may be charged our Insufficient Funds Charge as stated in the Broadview Fee Schedule. In the event of a covered overdraft, it is expected that you will make a deposit immediately to cover the negative balance. If you decline all overdraft coverage or we are unable to pay an overdraft for you, the item will be returned to the originator, and you may be charged an overdraft fee (identified as Returned Checks – insufficient funds charge or ACH debit items – insufficient funds charge External Withdrawal (Returned) on the fee schedule and your periodic statement) by Broadview and a fee from the payment originator. Additionally, if you decline all overdraft coverage your authorized recurring debit card payments will still be paid and you will still incur a fee if the payment takes your account negative. Broadview is under no obligation to pay overdrafts, except for debit card transactions that are authorized for payment. Whether or not we pay an overdraft is discretionary and we reserve the right to not pay. We may consider factors such as size of the transaction, if there are regular deposits sufficient to cover transactions and the number of past overdraft occurrences. Premium Overdraft is a discretionary service available to members who maintain their checking account in good standing and in a responsible manner and have not exhausted their overdraft options. Premium Overdraft does not apply to the following types of checking accounts: Trust Accounts, Estate Accounts, Club Accounts, Donation Accounts, Campaign Accounts, Custodial Accounts, International Checking, Health Savings Accounts, Real Estate Escrow, IOLA, and accounts owned by a member younger than 18 years of age.
