Understanding Overdraft Options
We know life happens, and at LOC we want to make sure you are covered.
With your LOC account, you have options on how you want your items (checks, bill payments, pre-authorized transactions, and debit card transactions) to be paid or declined in the event of an overdraft situation.
Overdraft Protection
Low cost options to transfer funds to pay items presented against your checking account in the event of insufficient funds. You can opt for one or both options depending on your situation.
If you opt to have transfer capabilities from both a savings, another LOC deposit account and line of credit, you can tell us the order of accounts you’d like to use to transfer from first. (For example: line of credit, then savings or vice versa).
Overdraft Privilege Coverage
In addition to Overdraft Protection, LOC provides qualifying members Overdraft Privilege Coverage options described below. This coverage is available for checks, bill payments, pre-authorized transactions, ATM and everyday debit card purchases.
This coverage can save you embarrassment when you are short of funds to cover your transaction.