Overdraft Protection

Checking account out of balance? No worries. We can help.

It can happen to anyone - a forgotten transaction, a simple math mistake or an unexpected expense. The result is your checking balance drops too low to cover all your transactions. When overdrafts occur, Central Virginia Federal Credit Union has simple solutions to get your finances back on track.

Overdraft Protection from Savings

  • Automatically moves money from savings to checking to cover overdrafts. (This can only happen as long as your savings account has funds available - so be sure to keep a cushion in there.)
  • There is a nominal fee for each transfer from savings to checking. (But it's lower than most bounced check and insufficient funds fees charged by merchants.)
  • Due to federal regulations, electronic transfers from savings are limited to six uses per month.

Overdraft Line of Credit

  • Gain access to money that can be tapped into whenever your checking account is overdrawn.
  • Money is automatically moved from the line of credit to cover the shortage in your checking.
  • No transfer or overdraft fees when borrowing from your overdraft line of credit.
  • Enjoy a low interest payment on any money you borrow.
  • Also provides access to cash whenever you need it for large or unexpected expenses.
  • Payments are billed monthly according to the balance on the last day of the previous calendar month, assuming a three-month repayment period. Current rate is 15.00% Annual Percentage Rate.

Overdraft Privilege

  • Overdraft Privilege expands your protection by authoring us to cover overdrafts on ATM withdrawals and everyday debit card transactions.
  • It serves as your last line of defense against checking shortfalls. (So if you have protection from savings or a line of credit, those will be used first.)
  • For more information or to sign up for Overdraft Privilege, contact us through this online form
*Overdraft Privilege is not available with Kasasa Cash or Kasasa Cash Back Rewards checking.