Overdraft Protection offers you peace of mind for most of our checking accounts.* You can reduce the chances of ever having to deal with a rejected debit card or paying double merchant penalties for overdrawing your account. Other benefits include protecting your credit score and avoiding late fees.
Spirit of Alaska offers you choices for overdraft protection: Account Transfers, Courtesy Pay and an Overdraft Line of Credit. We cover overdrafts from Checks, Automated Teller Machine (ATM) withdrawals, Automated Clearinghouse (ACH) transactions, and Point-of-Sale debit card transactions when you have opted in.
Account Transfers: automatically draw money from your savings account in case of an overdraft
In general, savings account transfers are the most cost effective method for handling overdraft transactions.
- $7.50 daily transfer fee.
- Only pay one daily account transfer fee, even if there are multiple overdraft transactions on your account.
- Link 1 Savings account to each checking account.
- Credit check not required for savings transfers.
- Limited to 6 transfers per month, per federal regulations.
Courtesy Pay: temporary credit extended to cover overdrafts on your checking account
For qualified members, Courtesy Pay will cover any charges, including fees, up to your overdraft protection limit. You must Opt-in to overdraft protection on any debit card transactions. Otherwise, debit card transactions will be declined Courtesy Pay.
- $30 Courtesy Pay fee per overdraft transaction.
- Requires credit approval.
- Maximum of 4 Courtesy Pay fees charged per day. (If overdrafts exceed four in a day, the account remains open, but no additional fees will be charged.)
- Total overdrafts cannot exceed $500, including fees.
- We encourage our members to practice sound financial habits and keep their accounts in the positive, however members do have 30 days to bring their account back to active status.
- Every day your account is in overdraft, a $3 fee will be assessed.
- See all details.**
Overdraft Line of Credit: automatically cover overdrafts in $100 increments from a line of credit.
You may qualify for this simple credit line that advances money in $100 increments when you overdraft a connected checking account.
- Requires application and credit approval.
- Courtesy Pay not available if you have an Overdraft Line of Credit.
- Reasonable interest rates.
- $50 Annual Fee
- See more on our Overdraft Line of Credit page.
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1. Use more than one of these options at once.
You can specify to overdraft first from a savings, then an overdraft line of credit, or vice versa.
2. Setup Online Banking alerts using e-Teller
If you have access to Online Banking (which we highly recommend), you can setup account balance alerts to text your cell-phone. Find out more (PDF)…
3. Opt out entirely
We don’t recommend it, but you do have the option to decline overdraft protection on your debit card transactions. Your merchant may charge a non-sufficient funds fee on the transaction, and you may pay late fees on bills.
*We do not offer Courtesy Pay for Youth Pocket Cache Checking and Business Checking. Account Transfers from Savings is an available options for those accounts. Business owners can also setup a Business Overdraft Line of Credit as overdraft protection for a Business Checking Account.
**Courtesy Pay pays checks, Point-of-Sale (POS) debit card transactions, ATM withdrawals, and ACH transactions presented against your checking account when it is overdrawn. You must be at least 18 years of age, qualified for Courtesy Pay, and a member in good standing. You must also Opt-in for Courtesy Pay on debit transactions, using the opt-in form linked on this page. The fee is $30 with a maximum of 4 fees per day, per account. Courtesy Pay must be repaid promptly. Should the account remain overdrawn beyond 30 days, the overdrawn account will be frozen. Should the account remain overdrawn beyond 45 days, the overdrawn account will be terminated. Spirit of Alaska pays overdrafts at our discretion and reserves the right not to pay. The account must be in a positive status for a minimum of one business day to allow the deposited funds to clear. Additional Overdraft Protection options include Automatic Savings Transfers and Overdraft Line of Credit.
Frequently Asked Questions
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.
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.
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.
What is an NSF fee?
NSF stands for non-sufficient funds. You receive an NSF fee when a check or an Automated Clearing House (ACH) payment tries to clear your account, and there is not sufficient funds in your account to cover the draft.
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.
Can I avoid overdraft fees if I write a check over my account balance?
No, if you overdraft your account with a check or ACH payment, you will either pay a courtesy pay fee, or a non-sufficient funds (NSF) fee if there is no money in your checking or savings.
- Do I need to opt-in if I don't use a debit card?