Overdraft Protection
There are many reasons why people accidentally overdraw their checking accounts. We have two options to provide protection for those occasional emergencies and help you avoid costly overdraft charges.
OOPS Account
This line of credit automatically transfers money to your checking account when your balance drops below $0.00.
Sweep Savings and Checking Accounts
This account works when you deposit money into your linked SWEEP Checking and SWEEP Savings accounts. When your checking account falls below $0.00, we automatically transfer money in $100.00 increments (or whatever is left in your savings) to your checking acct. We charge your checking account a $1.00 fee for this.
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit
www.fdic.gov.
