How Much Can You Overdraw With SECU?
If you have SECU Visa credit card account, you can make overdraft transfers up to the limit of the account. You can also get up to one extra day to cover the overdraft without paying fees or having to return funds. You can also receive account balances and history through text messages. Using the service can help you save a lot of money. In fact, the Another Chance Program saved over $5 million from overdrafts in 2010 alone.
If you are concerned about having your account overdrawn, you can try an SECU Checking account. This account offers interest and allows you to make withdrawals and deposits. However, you must be aware that the overdraft fee will come out of your account every time you use Courtesy Pay. If you do not have enough money in your account to cover the overdraft, you will be charged a fee of $30. You can choose to donate the fee to the SECU Foundation, but the fee will still be the same. The APY on this account is not particularly high and may not even cover the fee.
To open other accounts at SECU, you need to have a SECU Share account. These accounts pay dividends every month and are typically higher than share savings accounts. However, the differences are small. If you want to use the funds in your Share account as collateral, you can use it as collateral for loans. However, you cannot use it to write checks.
If you have a SECU credit union account, you may be able to find an overdraft protection plan. These programs provide convenience and a safety net when you run out of money. You may also have the option to link your checking account to a savings account or line of credit. However, this can come with interest charges. If you are uncomfortable with these fees, you can always opt out.
SECU offers three types of checking accounts. If you want to open one of these accounts, you’ll need an adult co-signer. It’s possible to open a Share account online or at a branch. Its minimum balance requirement is only $5. You can also open a Money Market Share account through the SECU member access portal. The benefits of a Share account are similar to those of a savings account.
Some banks automatically enroll customers in an overdraft protection program. If you don’t want to enroll, you can notify the bank or credit union you no longer want to receive overdraft protection. Alternatively, you can file a complaint. You can also choose a fee-based debit overdraft program.
If you want to avoid paying an overdraft fee, you should make sure your bank or credit union discloses it in its account agreements. Otherwise, you may end up paying more than you should.