What is Overdraft Protection?
Overdraft Protection is money (not in your checking account) that prevents you from overdrawing your account and incurring a $21 overdraft fee. This money can be in a savings account or a checking line of credit.
Checking Line of Credit
Minnesota Valley's Checking Line of Credit (also referred to as Ready Reserve or L4) is protection that can save you hundreds of dollars in fees. The Line of Credit is a loan that is ready to kick in should you happen to overdraw your account.
Items to consider:
- There is no advance charge
- Advances are for only the amount needed
- This is a loan you must repay
- Minimum payment is $20 or 4% or balance
- Your loan will not advance to pay another loan.
Share transfer will automatically advance the funds you have on deposit in a savings account at MVFCU. Funds advance in $100 increments, there is a $4 charge for this transfer.