Overdraft Protection and Privilege

Account Overdraft On AppOne of the perks that ASI members enjoy is overdraft protection and overdraft privileges. These valuable features can help cushion your account in the event you have insufficient funds and can help you avoid expensive NSF fees. If you have any questions about a recent overdraft or how these features work, please call ASI Federal Credit Union at 504-733-7274.

Overdraft Protection

The purpose of overdraft protection is to guarantee that your transactions will still clear, even when available funds have been depleted. This feature allows ASI members to set up their checking accounts to allow the automatic transfer of funds from a savings account, line of credit or Money Master account when an overdraft occurs. In order for the transfer to be successful, funds will need to be available in your savings account or line of credit. In addition, your account will be automatically charged a $3 transfer fee.

Overdraft protection is available for both business and personal checking accounts alike. Choosing this protection can make it easier to recover from financial hardship, as well as make sure that all transactions are paid for. In contrast, without this protection, you could be charged significant fees when attempting to draw funds with a negative account balance.

Overdraft Privilege

Another advantage for qualifying ASI members is overdraft privilege. This is a noncontractual service in which we pay for an item presented against your checking account, even if it causes the account to become overdrawn. Members are eligible for this privilege after their account has been open for 90 days with no instances of insufficient funds. Accounts with Stretch Plans or CEP are not eligible.

While overdraft privilege doesn’t cover every type of transaction, it will cover the following:

  • Checks
  • Automatic bill payments
  • Recurring debit card transactions
  • Automated Clearinghouse (ACH) withdrawals 

So if you accidentally miscalculate your funds for the month, resulting in an overdrawn account, ASI has you covered.

Not Yet an ASI Member? Join Today

Start banking with ASI Federal Credit Union to start enjoying a number of benefits, including overdraft protection and privilege. We also offer online banking and mobile banking, making it easy to stay up-to-date with your account activity and available balance. For more information, visit your local branch to speak with a representative in person.



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