Share Draft Account Overdraft Protection Options

At the time a share draft is opened, or at any subsequent time, a member may establish an overdraft protection plan. The following are among the variety of overdraft plan options offered:

Transfer From Another Account

• Automatic transfer from the member’s primary share account in the exact amount of the shortfall of funds in their draft account to cover clearing drafts.
• Automatic transfer from the member’s secondary savings account in the exact amount of the shortfall of funds in their draft account to cover clearing drafts.
• If there is a shortfall of funds in their draft account to cover clearing drafts, then the system can look for funds in the member’s primary share account. Then if funds aren’t sufficient in this account to cover clearing drafts, it will then look in another savings account for funds. An automatic transfer will occur from whatever source has been set up for draft clearing access.
• Automatic transfer from the member’s established overdraft line-of-credit.
• If there is a shortfall of funds in their draft account to cover clearing drafts, then the system can look for funds in the member’s primary share account. Then if funds aren’t sufficient in this account to cover clearing drafts, it will then look in the member’s established overdraft line-of-credit.

Overdraft Protection Loan

All “open end” loan accounts approved in connection with a share draft account shall be subject to the following conditions in addition to, or in lieu of, the terms stated in the loan agreement:

• The minimum loan advance at any one time is $100.00 and shall be made in multiples of $100.00 in an amount sufficient to cover the overdrawn account. In the event there is less than $100.00 available on the established line-of-credit, but there is a sufficient amount to cover the shortfall of the draft attempting to clear, then the advance will be for the full amount of the available credit.
• Maximum unsecured overdraft protection is $2,000.00. This maximum extension of credit will be granted to our most credit worthy-members.
• The interest charges on a share draft “open end” loan account shall be calculated on the basis of a 15% annual percentage rate.
• The minimum monthly payment shall be calculated as follows:

  Approved Limit	Monthly Payment
  $1.00 - $500.00	$25.00 or remaining balance, whichever is less
  $500.01 - $1,000.00	$50.00 or remaining balance, whichever is less
  $1,000.01 - $1,500.00	$75.00 or remaining balance, whichever is less
  $1,500.01 - $2,000.00	$100.00 or remaining balance, whichever is less

• 5% of the payment amount will be charged on payments made more than 30 days past the due date.