Overdrafts

We get it. Funds flow into and out of your checking account at a rapid pace. If you happen to spend more than you have on hand, we have two ways to get your finances back on track.

Summit Credit Union's Overdraft solutions are like financial safety nets - they make sure your check payments go through and spare you from merchants' hefty "bounced-check" fees.

Overdraft Transfer

Link your checking account to a specific savings account, Money Market account or line of credit. If you overdraw your checking balance, we'll transfer funds from the other account to cover the shortfall.

• Available to all Summit Credit Union checking account holders
• Offers free, unlimited transfers from any other savings accounts (excluding IRAs)
• Savings accounts transfer in $100 increments
• Money Market and Money Market Investor accounts transfer in $500 increments
• Any open line of credit loan transfers in $100 increments 

Overdraft Privilege

With Overdraft Privilege, we can temporarily cover your checking shortfall. We don't charge interest, but you do need to repay us.

• Generally available on one checking account per member 
• You must opt in to Overdraft Privilege, and can do so if your checking account has been open at least 60 days and all your Summit Credit Union accounts are in good standing
• A Non-Sufficient Funds fee is charged for each item that overdrafts your account 
• Covers overdrafts that do not take your account negative by more than $500, including the Non-Sufficient Funds fee
• Only available for checks sent through the Federal Reserve and automatic (ACH) transfers setup for your checking account
• Does not cover debit card transactions, checks presented at one of our branches, or in-person withdrawals
• Your account must be brought to a positive balance within 30 days; otherwise, future use of Overdraft Privilege will be suspended 
• Payment of overdrafts remains discretionary and Summit Credit Union reserves the right not to pay
• More information is available in the Membership and Account section of our Membership Agreement, item 14e.

Set up Overdraft Transfer or Privilege by scheduling an appointment in-branch and by calling our Member Service Call Center at 336-662-6200. You may also opt-out of Overdraft Privilege by calling the same number.