What is overdraft protection?
Overdraft protection is a free service that PFFCU offers. If the funds are not available in your checking account, you can designate your savings account t automatically provide overdraft protection for your Power Checking account. If you have a Personal Line of Credit, it can also provide overdraft protection.
In many cases, when you bounce a check, it gets returned unpaid to the company or person who deposited it. In addition to the fee usually assessed by the recipient of the check, your bank may also assess a service charge to you for having written a bad check. If the overdrawn amount is insignificant and you have a long standing account with a bank, the bank may pay your check, but still assess a fee for payment. If you’re in the habit of bouncing checks, these fees can be as high as 30 US dollars (USD) even if you only overdraw your account by a dollar. In response to the occasional bounced check, some banks offer overdraft protection. With overdraft protection, you are still assessed a fee for any bounced checks or ATM transactions exceeding your account balance, and the extent to which you can borrow from your bank may also be set. You might have a 300 USD limit on overdrawing your account. If you exceed this limit, the bank will start bouncing your checks. Fees range from 0 to about
