Overdraft Options for Consumers

Overdraft Options

Checking accounts offer overdraft protection (pre-arranged coverage for any overdrafts approved by Ascend that may occur based on your available balance, not your actual balance). When you open your checking account, or any time after your account is opened, you may sign up for overdraft protection options. Ascend offers multiple options for protecting members and their financial well-being through overdraft protection.

1. Transfer from regular savings

  • Up to six transfers per month at no charge. (See Rate and Fee Addendum: Deposits for the transfer fee amount.)
  • All this option requires is your agreement to the terms and your signature.
  • If this option is chosen, the exact amount of the overdraft will be transferred from your savings account.
  • For this option, joint owners designated on your checking account must also be joint on the savings account.

2. Coverage through a personal line of credit loan

  • Overdraft amount will be set up on a loan with the current rate of interest.
  • Option requires that you and any joint owner, if applicable, complete a loan application.
  • Eligible amount is based on your annual income and your credit score.

3. Combination of options

  • Step one is requesting the overdraft amount be transferred from your regular savings account if the money is available.
  • If the money is not available, then the overdraft amount would be set up on your personal line of credit.
  • This process can also work in reverse.
  • If you overdraft, a loan will be extended to cover it up to your approval limit. If the loan does not completely cover the overdraft, the remainder will be taken from your savings account.

4. Coverage through an Ascend credit card

  • This method allows members to transfer the exact amount required to cover the overdraft(s).
  • There will not be a cash advance/overdraft protection fee; however, interest will be calculated from the date that the transaction is posted, and the grace period does not apply.

If the funds are not available, or if you do not have overdraft protection, a fee will be charged for each returned check. (See Rate and Fee Addendum: Deposits for the amount of the fee.)

Any loan delinquent by 14 days or more voids loan overdraft protection and will result in a hold for the amount of the delinquency being placed on your savings account. In this case, funds may not be available for transfer from your savings account to clear the check, resulting in a returned check and the corresponding fee. Policies subject to change without notice upon regulation change and/or Board of Directors' approval. Please read all applicable disclosures to each of these options.