Banking Services
Overdraft Protection
Overdraft Protection
At Holyoke Credit Union, we take pride in protecting our members. That’s why we offer three overdraft protection options designed to eliminate the worry and embarrassment of bouncing a check or having insufficient funds for automatic bill payments. These options allow you to improve cash flow while avoiding overdrafts, save time and money, and enjoy the safety of automatic and secure transfers.
Linked Accounts
By linking your savings or money market account to your checking account, you authorize Holyoke Credit Union to transfer money from the savings or money market to the checking if an overdraft occurs. Holyoke Credit Union transfers only the amount necessary to cover the transaction, plus the overdraft protection transfer fee set forth in our Fee Schedule. You will receive a notice in the mail advising you of the transfer amount and the fee charged.
The good news about our Linked Accounts Overdraft Protection option is that your transaction is paid and you are the only one who knows there were insufficient funds in your account. There are no insufficient fund charges or embarrassing calls from merchants to worry about, just a small transfer fee.
OOPS! Occasional Overdraft Protection Service
If your Holyoke Credit Union Checking Account qualifies for our OOPS! Service, we will consider, without obligation on your part, paying items for which your account has insufficient or unavailable funds, instead of returning those items unpaid.
The OOPS! Occasional Overdraft Protection Service is suitable for a variety of transactions including checks and other transactions made using your checking account number, including automatic bill payments. Holyoke Credit Union will not include ATM and everyday debit card transactions as part of our OOPS! Service unless we have your consent.
For each overdraft we pay, you will be charged the Insufficient Fund/Uncollected Funds fee (the standard per-item overdraft fee) set forth in our Fee Schedule.
Click here to learn more about What You Need to Know About Overdrafts and Overdraft Fees.
Holyoke Credit Union offers a very member-friendly overdraft protection service, including:
- No overdraft fee is charged when the minimum transaction is $5.00 or less
- No overdraft fee is charged when your balance goes negative by $5.00 or less
- Only a maximum of six (6) overdrafts per day are charged
Overdraft Line of Credit
An Overdraft Line of Credit is a loan taken with Holyoke Credit Union specifically to pay for overdrafts. Members must apply for the Overdraft Line of Credit like any other loan. Once the loan is approved, you must pay back the amount of the overdrafts covered by the line of credit. Like any loan, there will be a monthly payment due to Holyoke Credit Union and you must pay at least the minimum due. Money from an overdraft line of credit should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses.