University of Michigan Credit Union

Overdraft Protection Options

This option is automatically set up when you open your checking account. When a check or approved electronic payment can't be covered by your checking account, available funds are automatically transferred from your Share Savings Account to cover the check. The transfer fee is $2.00.

From Your UMCU Visa

Funds can be automatically transferred from your Visa account to cover the check or approved electronic payment. Your credit limit will not be exceeded to pay the item. There is no fee for Visa overdraft protection. The transfer is treated as a cash advance and the normal cash advance fee is waived. However, the overdraft amount will begin accruing interest immediately.

From An Overdraft Protection Loan

Apply for this loan at any office. Depending on eligibility, your limit could range between $500 and $2,000. Minimum payments are $35 per $1,000 outstanding balance and are automatically transferred from your checking account on the 20th of the month if you have an overdraft loan balance. There is no fee for this service but interest begins to accrue whenever an advance is made to cover an overdraft. Click here for the current rate.

UNIVERSITY OF MICHIGAN CREDIT UNION OVERDRAFT PROTECTION OPTIONS
Type of Overdraft Protection	Description	Associated Fees/Charges	Total Cost with $500 example
From Your Share Savings Account	Set up when you open your checking account. When a check or approved electronic payment can't be covered by your checking account, available funds are automatically transferred from your Share Savings Account to cover the check.	$2.00 per transaction transfer fee	$2.00
From Your UMCU Visa	Funds can be automatically transferred from your Visa account to cover the check or approved electronic payment. Your credit limit will not be exceeded to pay the item.	No fee for the overdraft protection. However, the overdraft protection amount is treated as a cash advance and the normal cash advance fee is waived. The advance will begin accruing interest immediately.	Accrued interest for 45 days: $6.48-$7.70 depending on your Visa’s interest rate.
From An Overdraft Protection Loan	Depending on eligibility, your limit could range between $500 and $2,000. Minimum payments are $35 per $1,000 outstanding balance and are automatically transferred from your checking account on the 27th of the month if you have an overdraft loan balance.	No fee for this service, but interest begins to accrue whenever an advance is made to cover an overdraft.	$11.10 for 45 days assuming an 18% interest rate $7.03 for 45 days assuming an 11.4% interest rate

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government
National Credit Union Administration, a U.S. Government Agency

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.