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Overdraft Protection

 

An overdraft occurs when you do not have enough money in your Checking Account to cover a transaction.  Overdraft protection protects you from the embarrassment and expense of a “bounced“ check or a declined debit card transaction.  You may link a Share Account, another Checking Account, or a revolving line of credit to have funds automatically transferred in the event of insufficient funds available in your Checking Account.  Linking an account for an overdraft transfer is generally less expensive than utilizing Freedom’s standard overdraft practices, including MemberAdvantage, where some overdraft transactions are paid and a fee is assessed. 

 

MemberAdvantage - Many of Freedom’s Checking Accounts are equipped with the overdraft protection service, MemberAdvantage.  Instead of declining a check, debit, ACH or ATM transaction due to insufficient funds, Freedom may pay the item up to a pre-approved limit.  This saves you potential embarrassment and helps protect your individual credit standing.  If you have established another overdraft protection method, Freedom will use that method first before paying your overdraft with MemberAdvantage.  A fee will be assessed for each item paid via MemberAdvantage, and you then have up to 30 days to deposit funds and make the account current.  Read the MemberAdvantage Overdraft Disclosure for complete details.

 

You must authorize Freedom to automatically pay overdrafts for ATM and debit card transactions; otherwise your transaction will be declined.  Refer to the Overdrafts and Overdraft Fees document for details, and follow the instructions to authorize Freedom to pay ATM and debit card transaction overdrafts.  Contact a member service representative if you have any questions. 

NCUA