Overdraft Protection

Overdraft transfers occur at the end of the business day as part of VACU’s nightly processing.

To help VACU operate more efficiently, transfer amounts are standardized in increments of $100. If $100 is not available, then the amount that is available will be transferred.

There is no fee to sign up for Overdraft Protection or if you never use it. A $5 fee is charged to your checking account each day on which an automatic overdraft transfer occurs. Only one overdraft transfer fee per business day is assessed even if multiple overdraft sources (such as a savings account and a line of credit) are used.

Transfers will appear on your monthly statement. You also can use Online Banking or QuikLine Phone Banking to check on your account activity.

Online Banking and QuikLine Phone Banking are easy ways to keep tabs on your accounts and make your own transfers before an overdraft occurs. Allocating your deposits to checking and savings accounts in line with your normal spending habits can also help minimize the need for overdraft transfers. For example, if you have all of your direct deposit currently going to savings, you may wish to have the payee send it to your checking account instead.

No, it will not. Those are two separate processes.

When members sign up for Overdraft Protection, they are authorizing VACU to automatically transfer funds from their savings account(s) or line of credit if their checking account does not have sufficient funds for a transaction. When members opt in for VACU to pay ATM and debit card overdrafts, they are authorizing VACU to consider taking their account negative and to charge an overdraft fee. Even if you already have Overdraft Protection, as a backup you may also wish to opt in for VACU to pay ATM and debit card overdrafts.

Overdraft Protection transfers will occur first. The additional process to consider paying ATM and everyday debit card transaction will be used only if you do not have sufficient funds after Overdraft Protection transfers.

You may have exceeded 6 automatic transfers in the month. To avoid that situation in the future, you may wish to authorize additional accounts as overdraft sources or apply for a personal line of credit to draw from.