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Three Overdraft Options for Comfort and Control

What can Premium Overdraft Coverage look like?

Premium Overdraft protection brings assurance and options. As always, we can guide you to the solution that’s right for you.

FAQ

Broadview offers three different options as part of our overdraft services:

1) Transfer from Savings – $1.00 fee per transfer, covers checks and ACH debit transactions.

2) Personal Line of Credit – For credit-qualified members, covers overdrafts up to your approved limit.

3) Premium Overdraft – Automatically available to members who maintain their checking account in good standing with overdrafts covered at Broadview’s discretion to prevent item/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. See full disclosure. 

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. Each checking account has a dynamic overdraft limit that is a customized amount based on factors such as how long an account has been open, as well as the amount and frequency of deposits into the account. Therefore, your overdraft limit may change based on your daily account activity. Broadview will always attempt to pay transactions up to your limit.

In the event of an overdraft, Broadview will automatically attempt to pay checks, ACH debit transactions, and recurring debits. However, if you would also like Broadview to try to pay one-time debit card and ATM transactions, Broadview needs your affirmative consent (opt in) to do so.

While there is no fee to have Premium Overdraft coverage, you may be assessed a $28 fee if a transaction is presented to your checking account when funds are not sufficient.

If you don’t opt in, your one-time debit card and ATM transactions will be declined if funds are not sufficient in your checking account. Broadview will continue to attempt to pay your ACH, check, and recurring debit card transactions as normal.

It is expected that you make a deposit immediately to cover the negative balance.

Yes. You can change your overdraft preferences any time for any of your personal checking accounts.

Yes. You are free to make that choice, however we encourage you to consider it. Without overdraft coverage, your transactions will be declined when your checking account balance is insufficient, and you may be charged fees by both Broadview and the original merchant or entity. Overdraft coverage simply means it’s available if you need it. There is no risk in having it, and it is beneficial if you require it.

NOTE: If you decline overdraft coverage, your recurring debit card payments will still be paid and you will still incur a fee for these types of transactions if the payment takes your account negative.

If you decline all overdraft coverage or we are unable to pay an overdraft for you, the item will be returned to the initiator. When this happens, you may be charged a Returned Item fee by Broadview and a fee from the payment originator.

Helpful Resources

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  1. 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, you may be assessed a $28 overdraft fee for each transaction that overdraws your account. 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 initiator, 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.

    Click here for complete disclosure. 

     

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