Have you ever made a purchase only to find your checking account didn’t have as much money as you originally thought? This can be an embarrassing, even a shocking experience nobody wants. Don't get caught off guard, Credit Union of Denver offers several Overdraft Options to protect our members and provide peace of mind.
This free service gives you the choice to have available funds in either your Savings Account (Prime Share) or Money Market Account automatically transferred to your Checking Account in the event an account overdraft occurs.
Overdraft Line of Credit
At times do you find yourself out of money? An Overdraft Line of Credit is a loan attached to your checking account used to cover expenses.
The Line of Credit is like a loan: you will only be charged interest on the portion you use.
Or call 303.202.5659 | 800.279.3288 for an application over the phone, or if you have questions.
Overdraft Privilege is another option that can be used in addition to the Overdraft Protection & Line of Credit options listed above. This free service is offered for checks, ACH transactions, Automatic Bill Payments (not those initiated through C·U·D’s Bill Pay service), and recurring debit card transactions.
If you qualify for Overdraft Privilege, you are automatically enrolled in this service.¹ You may opt-out at any time by submitting a written request to the Credit Union. At the Credit Union’s discretion, this service will pay the above-mentioned items through your Checking Account up to $500 more than the available account balance; or a $500 “negative” balance. This total includes fees.3 These items will not be returned to the original payee but will be processed and your account will be charged a $30 Non-Sufficient Funds (NSF) fee per transaction2. Without this service, you would pay the same $30 NSF fee and you could be subject to additional fees from the merchant for the bounced check or returned item(s).
If you use this service in conjunction with Debit Card Advantage (see below), the total combined benefit is $500.
Debit Card Advantage
This service allows you to continue to use your C·U·D Debit Card either at a merchant or through an ATM even if you do not have funds available in your account.
If you qualify for Debit Card Advantage, you must opt-in for this service.1 Any owner on the account may also opt-out at any time. If you opt-in for this service, Credit Union of Denver may authorize and pay everyday debit card transactions and allow debit card ATM withdrawals up to $500 more than the available account balance; or a $500 “negative” balance. This total includes fees.3 Without this service, you would be unable to utilize your debit card when there are no funds in your account, and you would be charged a $30 fee for each approved transaction of more than $5 posting to your account.
If you use this service in conjunction with Overdraft Privilege the total combined benefit is $500.
Opt-in or opt-out of Debit Card Advantage
Overdraft Protection FAQs
Under Overdraft Privilege we may pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- ACH transactions and Automatic Bill Payments (not those initiated through C•U•D’s Bill Pay service)
- Reoccurring debit card transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to by Opting-In to our Debit Card Advantage Program:
- ATM transactions
- Everyday debit card transactions
Under Overdraft Privilege:
- We will charge you a $303 fee each time we pay an overdraft
- There is no limit on the total fees we can charge you for overdrawing your account
If you also want us to authorize and pay overdrafts when you use your debit card for ATM and everyday debit card transactions, you must Opt-In to our Debit Card Advantage Program.
Under Debit Card Advantage:
- If the amount of the overdraft is $5 or less, there will not be a fee assessed
- We will charge you a $303 fee each time we pay an overdraft (if the amount of the overdraft is more than $5)
- There is no limit on the total number of fees we can charge for overdrawing your account