Automated Overdraft
Shortfall coverage to keep business flowing; subject to fees and limits.
Fewer Returns And Less Cleanup
May reduce returned items and related payment disruptions.
Maintain Business As Usual
Provides discretionary coverage for qualifying short-term account shortages.
Even a well-run business may experience a temporary timing mismatch between outgoing payments and incoming deposits. Overdraft coverage is an optional service available on all our business checking accounts. Once you opt in, the Credit Union may, at its discretion, pay qualifying transactions when sufficient funds are not in the account. Fees and repayment obligations apply. Because a temporary gap shouldn't get in the way of your business running smoothly.
A simple solution to cover financial gaps.
- Keep your transactions and business moving.
- Automatic overdraft coverage: Reduces returned items and uncomfortable calls to vendors.
- Opt-in service: Improves operational flexibility; no concern about being locked into a rigid balance requirement.
- Transaction completion: Maintain payment continuity day in, day out.
Who can benefit from overdraft coverage?
- Businesses with fluctuating cash flow
- Seasonal businesses
- Any business seeking payment protection
What is the fee for overdraft coverage?
| Service | Fee |
|---|---|
| Overdraft coverage | $15 per transaction |
Business overdraft coverage is an optional service under which the Credit Union may, at its discretion, pay an eligible transaction when sufficient available funds are not in the account. Payment is not guaranteed, and a paid item may result in an overdraft fee and an obligation to promptly repay the overdrawn amount and fee.
You must enroll in the service. After enrollment, the Credit Union will determine whether to pay or return each transaction under the account agreement, applicable limits, and account eligibility criteria.
Overdraft coverage is available for eligible business checking accounts. A $15 fee applies to each overdraft item the Credit Union pays and is charged to the covered account. See the current fee schedule and account agreement for any limits, exclusions, and circumstances in which a fee may not apply.
With Advanced and Analyzed Business Checking, you can’t enable overdraft coverage and sweep services at the same time. If sweep services is enabled, we must turn off overdraft coverage.
If you are enrolled, the Credit Union may pay or return the transaction at its discretion. A paid item may incur the disclosed overdraft fee; a returned item may incur fees under the current fee schedule and may also result in a fee charged by the payee or another party. Enrollment does not guarantee payment.
Membership eligibility required. Overdraft Coverage is an optional service available on eligible business checking accounts, subject to account standing and eligibility requirements. Payment of overdrafts is discretionary, and FIG Credit Union does not guarantee payment of any transaction. A $15 fee applies to each overdraft transaction paid and is charged to the covered account. Overdrawn amounts and applicable fees must be repaid within 45 days. Overdraft Coverage and sweep services cannot be enabled simultaneously on Advanced or Analyzed Business Checking accounts. See the applicable account agreement and fee schedule for complete terms and conditions. Federally insured by NCUA.