An Overdraft Line of Credit (ODLOC) can help to
prevent declined transactions and returned item fees. And, our ODLOC does not
charge a daily, monthly, or annual fee!
For more information about our ODLOC, please
review these commonly asked questions:
What is an “Overdraft Line of
Credit?” An ODLOC can be applied for, and connected to, either a
Share/Savings account or a Share Draft/Checking account. The available balance
(or available limit) on this line of credit will be added to the available
balance in your account and considered at the time transactions are being
authorized or clearing your account.
How do I get an ODLOC and how can
that help me? You need to apply for an ODLOC as it is a loan – an extension
of credit. You can apply by calling our phone loan center Mon - Thurs 9 a.m. - 5
p.m., Fri 9 a.m. - 6 p.m., and Sat 9 a.m. - 2 p.m. You can also apply online by
clicking
here for an application to print, or visit any of our
office locations.
If there are not enough funds in your account to cover a
debit or ATM transaction, the ODLOC can help you by adding the line of credit
available balance/limit to your available account balance. Should there be
enough of an available balance/limit, that amount will be transferred over to
the account to cover the transaction, thus allowing the authorized transaction,
or item trying to clear, to go through and not be declined or returned.
How much does it cost to use the
ODLOC? There is no cost to apply for an ODLOC. If there is an advance made
on the loan, created by check, ATM or debit transaction, ACH, or other
electronic means, there is a fee of $2.00 per advance. Please note: The
charge is $2.00 per advance, not per item. Therefore, if multiple items are
clearing at one time, the total amount required for the items to clear will be
transferred in one lump sum and will incur one $2.00 transfer fee. This fee can
be avoided by self-transferring the funds through
FREE Online Banking. As this is a
loan, there is an annual percentage rate charged on any outstanding balance; you
will pay simple daily interest on any outstanding balance.
Please click here for our current
rate.
Comparatively, we do not charge a daily fee each day you
have an outstanding balance and we do not charge a monthly or annual fee for
having the ODLOC. Our rate and transfer fee is significantly lower than the
average per item overdraft fee charged by some financial institutions.
How can I access my ODLOC at my
convenience? There are two ways and we provide both services for free.
FREE Online Banking is a powerful
tool in understanding exactly what is going on in your account(s) and in keeping
tight control of daily finances. For example, if you know there are outstanding
checks and your account balance is not sufficient should they clear, use the
transfer feature to transfer money from another account or an ODLOC. This will
save you from having the item returned, paying the merchant a potential returned
check fee, and paying us a returned item fee. And, if you transfer the funds
from an ODLOC yourself, you have also saved the $2.00 transfer fee.
Sourceline
provides access to your account via a touch-tone phone. You can perform all of
the transactions mentioned for Online
Banking above, however, you cannot transfer funds from an ODLOC. The only
way you can do this is through Online
Banking. Even if you are already signed-up for Online
Banking, Sourceline is great for when you are on the go, traveling, or
simply don’t have access to the Internet.
Please contact us if
you'd like more information regarding our Overdraft Line of Credit!
