When unexpected bills or math mistakes cause your account balance to go negative, it can really sting. In addition to penalty fees on your account, you get hit with return fees or late charges from the merchant that didn’t get paid.
Fortunately, Cooperative Federal has a variety of overdraft protection options to help you save on fees - and catch up faster.
Use the web form above to select one or more options - including a back up plan for your back up plan!
If you make a payment for more than you have in your checking account, but you have money in your savings account, we will automatically transfer funds to cover the overdraft. This is an optional service for a small fee per transaction.
You can also request a line of credit to protect against overdrafts. When a purchase causes your checking account to go negative, funds are automatically transferred from your line of credit, bringing your checking balance to $0. There is no fee per transaction, but interest accrues on your line of credit balance and payments are due monthly (read more about personal loans).
For an extra level of protection, Cooperative Federal offers Overdraft Courtesy Pay. To minimize fees, we recommend using transfers or credit lines as your primary overdraft protection option, with Courtesy Pay as back-up. To qualify for Courtesy Pay, you must (a) be a member of our credit union for at least 30 days and (b) receive regular deposits into the account of at least $300 each month.