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Overview
Overdraft Protection
Overdraft protection offers you complete peace of mind. With this service, you can still temporarily make purchases even if your checking account is empty. If you’ve ever been in a tough position buying groceries or gas, this is the solution for you.
On most of our checking accounts*, and for a courtesy pay fee, you will already have overdraft protection on checks and automatic payments. You can also opt in to receive coverage on your debit card and ATM transactions. We cover any charges up to your overdraft protection limit. You can reduce the chances of ever having to deal with a rejected debit card or paying double penalties for overdrawing you account.
Temporarily make purchases with a checking account, even without sufficient funds
- Reduce the possibility of having your debit card rejected for non-sufficient funds
- Avoid returned checks
- Help protect your credit score
- Protect yourself against hefty non-sufficient fund fees from merchants
- Reduce the chance of late fees on automatic payments
Left Wells for locally owned!!! We always appreciate the great customer service!
- V.S.Additional Information
Spirit of Alaska gives you choices. We have several overdraft protection options so you can decide what’s best for your financial needs.
1. Opt in to our regular overdraft protection
If you choose to opt-in for your debit transactions, you will be charged a courtesy pay fee of 30.00 per overdrawn transaction, and you’ll avoid additional fees from the company that made the sale.
2. Link overdraft protection to your savings account
This is the most cost-effective method for dealing with mishaps. When you overdraw on your checking account, we will withdraw the money from your savings instead, for a one-time transfer fee of 7.50.
3. Apply for an overdraft line of credit
You may qualify for this simple credit line that advances money in $100 increments when you overdraft a connected checking account. Read more…
4. Use more than one of these options at once.
You can specify to overdraft first from a savings, then an overdraft line of credit.
5. Opt out entirely
We don’t recommend it, but you do have the option to decline overdraft protection.
Disclosures
*We do not offer our regular overdraft protection for Youth Pocket Cache Checking and Business Checking. Overdraft transfers from savings and our Overdraft Line of Credit are available options for those accounts.
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FAQ
Frequently Asked Questions
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Do I need to opt-in if I don't use a debit card?
No. Reg E only pertains to debit and ATM card transactions. However, contact us to verify that courtesy pay is activated on your checking account.
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Will my debit card transactions be declined if I opt out of courtesy pay?
Yes. If courtesy pay is not activated on your account, any overdrawn transactions will be declined at the register.
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How much can I overdraft with courtesy pay?
It varies from member to member, but we will authorize you for a specific amount when you open the account and opt-in to overdraft protection. Amounts vary from $500 to $1500. Contact us to find out the specifics on your account.
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What is an NSF fee?
NSF stands for non-sufficient funds. You receive an NSF fee when you write a check, and there is not sufficient funds in your account to cover the draft.
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Are NSF fees and courtesy pay fees the same thing?
No. However, they do cost the same amount. By activating courtesy pay, you still pay a fee, but the overdraft on your account is paid and you avoid any “bounced check” fees charged by the merchant. Without courtesy pay, you still pay the non-sufficient funds (NSF) fee, and any fees charged by the merchant as well.
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Can I avoid overdraft fees if I write a check over my account balance?
No, if you overdraft your account with a check, you will either pay a courtesy pay fee, or a non-sufficient funds fee.
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Do I need to opt-in if I don't use a debit card?
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