Overdraft Services

We know that mistakes can happen in your checking account register or you may encounter a shortage of cash before your next paycheck. To help with these unexpected events, we are able to offer you a few options to “cover” you. Transfers will be made in the following order, depending on what options you select:

1. Overdraft Transfer
2. Kwik Cash Line-of-Credit
3. Overdraft Protection

Overdraft Transfers

If you do not have enough money in your checking account to pay a check or other transaction presented for payment, funds can automatically be transferred from most deposit accounts on which you are an owner/joint owner. To enroll in this service, please contact a Member Service Representative any Empower Credit Union branch.

*An overdraft transfer fee applies to any automatic transfers made

Kwik Cash Line-of-Credit

For your convenience, a Kwik Cash Line-of-Credit is a way to borrow money simply by writing a check or transferring funds into your checking account. It provides an overdraft protection option for your personal checking account and allows you to pay for emergency expenses or any other need.

Once approved, you will have an established line-of-credit to use for overdraft protection, emergency expenses, or other needs. Here is how it works:

• When a check or other withdrawal is presented in excess of your check account balance, funds are automatically advanced from your line.
• The Line-of-Credit offers a competitive rate. You only pay interest on the outstanding balance, not the available credit line.
• Repayment is very easy. Monthly payments are approximately 5% of the outstanding loan balance as of the last draw, or $50.00, whichever is greater. You may pay additional amounts at any time with no prepayment penalties.
• Learn more about our Kwik Cash Line-of-Credit or apply online today!

Overdraft Protection

Overdraft Protection is a non-contractual service that allows us to pay an item that is presented against your personal checking account, even if it causes that account to become overdrawn. This service can be added to qualified checking accounts that have been open and active for 90 days. You must opt-in for this service at the time of opening or by completing our Overdraft Protection Enrollment form.

Overdraft Protection service protects against having items returned in the event of an inadvertent overdraft of your account by giving you a reserve for emergencies or unexpected situations. There is no fee to have Overdraft Protection on your account, however, you are charged a fee if you overdraw your account. Please see our fee schedule for current charges.

With Overdraft Protection, instead of returning an item to a merchant or other payee, we may pay your items, saving you the embarrassment and additional charges from a merchant or a collection company. When using this service, we will charge you an Overdraft fee for each item presented and send you a notice each time an overdraft occurs.

Overdraft Protection is NOT a line-of-credit nor is it a guarantee of payment or an invitation to overdraw your checking account. Overdraft Protection DOES NOT constitute either a written agreement of an obligation or a prearranged agreement for Empower Credit Union to pay overdrafts. Payments of any overdrafts is at the sole discretion of Empower Credit Union and payment of an overdraft does not obligate us or create an agreement or course of dealing on our part to allow overdrafts on any occasion. We DO NOT guarantee that we will authorize and pay any type of transaction.

To enroll in this service, please contact a Member Service Representative at any Empower Credit Union branch.