Option

Description

Advantages

Disadvantages

Member Initiated Transfers
(no automated service)

No automated service. Member maintains balance sufficient to cover items as they are presented for payment.

No fees and no interest charges provided there are no NSF items.

Member must carefully record transactions (including deposits and holds) and must balance account to assure items are presented against collected funds.

Automated Transfer from Savings

Account is set up to transfer from a savings account to cover items as necessary.

No fees and no interest charges.

Limited to 6 transfers per month. After that, items are returned NSF unless member makes transfer in person at branch.

Easyline

$1000 line of credit to cover overdrafts

Automatically covers overdrafts up to available credit limit. No fees for service. Product available to most members including those new to credit or those reestablishing credit.

Interest rate of 18%.  Limit of $1000.  Must have credit score of 600 or better and no negative information on E-funds report.

Senate Line

Line of credit to cover overdrafts. Lines range from $250 to $50,000

Automatically covers overdrafts up to available credit limit. No fees for service.  Large credit lines available. Competitive rates.

Available to qualified borrowers only. Limit based upon borrower's ability to manage.

Member Privilege

Automated Payment of Member Overdrafts

Available to most members - no underwriting or application required. Easy, flexible terms

Fees of $25 per item.
Note: $25 for 30 days on $500 is an APR of 61%