Protect yourself against overdraft fees.
Did you know that CAP COM has several ways to help you manage your money to avoid overdrafts and fees?
Life gets busy – overdrafts happen. We can protect your account, your money and your reputation. Whether you're looking for a no-hassle, automatic transfer or you want to prevent an overdraft before it happens, we can help.
Which option is best for you?
1 I have money in a Savings Account I can use to cover purchases from my Checking Account.
Set up an Automatic Transfer to be made from your Savings Account if your Checking Account is about to be overdrawn (there is a $2 fee).
TIP: Set up a low balance alert text to your phone. You can then transfer the funds yourself via mobile or online banking to avoid the $2 fee.*
2 I don't have money saved but want to avoid fees each time I need money to cover a purchase.
Apply for a Checking Line-of-Credit. When you don't have enough money in your account to cover a check, debit or preauthorized withdrawal (ACH withdrawal), money from this loan will be automatically deposited into your account. The Annual Percentage Rate on this loan is 13.50 % APR** but the monthly finance charge is minimal as compared to overdraft and transfer fees.
TIP: Pay down your Line-of-Credit as soon as you get paid to avoid carrying a balance each month.
3 Beginning June 1, 2016, all Checking Accounts will automatically receive Courtesy Pay.
This product covers your Checking Account overdrafts by check and ACH (pre-authorized withdrawal) transactions for up to $500.*** There when you need it, Courtesy Pay won’t cost you anything if you never use it. Fees range from $10 to $30 depending on the amount of the overdraft transaction but, rest assured, your check or ACH will be paid. You’ll be spared the embarrassment and the charge from your merchant for the returned check – sometimes as much as $40!
Members with limits of $100 will be automatically increased to $500 on June 1. If you would like to upgrade to Courtesy Pay Plus, see option 3, below.
Countesy Pay will become available to you as of June 1.