Overdraft Protection FAQs

Q: What is an overdraft and what causes it?
A: An overdraft happens when you don’t have enough money in your checking account to clear a transaction. Vantage offers various overdraft protection options to cover expenses that result in an overdraft in your account. These are very useful features as they can protect you from merchant fees and/or the embarrassment of being turned down at check out for lack of funds.

For Vantage to cover your overdrafts on ATM and everyday debit card transactions, you need to “Opt In” to overdraft protection, per Regulation E. This regulation prohibits financial institutions from charging consumers fees for paying overdrafts on ATM and everyday debit card transactions, unless a consumer consents (or opts in) to the overdraft service for those types of transactions.

Consider these scenarios:

You’re at the grocery store checkout with a grocery cart full of groceries. Your items add up to a little more than the $185 in your checking account. Would you want your Vantage debit card transaction to be approved?

You’re out of town and your car breaks down. To get it fixed, you need to pay $400, but you only have $290 in your Vantage checking account, and you don’t have a credit card with you. Would you want your Vantage debit card transaction to be approved?

It’s Sunday afternoon and you need $200 from an ATM to pay for concert tickets that just became available. If you don’t buy them now, they will go to someone else. Do you want to receive the cash and draw your account negative?

If you haven’t opted in already for Vantage to authorize and pay overdrafts for ATM and everyday debit card transactions, you can do so several ways:

1. Call 314.298.0055 or 800.522.6009 to make your selection.

2. Visit one of our branch locations.

3. Print and return the Overdraft Selection Form.

Please note that you’ll have to make your selection for each of your checking accounts. Most importantly, if you choose not to opt in, Vantage Credit Union WILL NOT authorize and pay overdrafts for ATM and everyday debit card transactions, which may lead to purchases and/or ATM withdrawals being denied.

Q: What is overdraft protection?
A: Overdraft protection is a type of personal protection service for your Vantage Credit Union checking account. It acts as a “safety net” that covers your debits and keeps you from incurring certain fees should you overdraw your checking account.

Q: How does overdraft protection work?
A: We offer three types of overdraft protection: an Overdraft Protection Line-of-Credit, coverage from your Regular Savings, and coverage from Courtesy Pay. If you overdraw your checking account and have the Overdraft Protection Line-of-Credit, funds are automatically transferred from the line-of-credit to cover your debits. There is no fee for the service, but an interest rate applies. You must apply and be approved for the Overdraft Protection Line-of-Credit for it to become effective.

If you overdraw your checking account and have overdraft protection from your Regular Savings account, funds are automatically transferred from your Regular Savings to cover your debits. However, the number of transfers that can be completed are limited to six each month, due to Federal Regulation D. Automatic overdraft protection coverage from Regular Savings comes with a nominal fee. Once your Overdraft Protection Line-of-Credit and/or your Regular Savings don’t cover your overdraft, if you’ve opted in for Vantage to authorize overdrafts, and you qualify, Courtesy Pay will cover overdrafts after first deducting our standard (non-sufficient funds) NSF Fee for each overdraft transaction.

Q: How do I make payments or pay off my Overdraft Protection Line-of-Credit balance?
A: When you signed up for the Overdraft Protection Line-of-Credit, you indicated on the application how you wanted automatic payments to be made. You can choose to make a minimum payment, a set dollar amount, or pay the balance in full automatically. All automatic payments are taken from your Vantage checking account on the date you specified on your application. It’s important to note that when you make a deposit to your Vantage checking account, we can't automatically pay off your Overdraft Protection Line-of-Credit balance, unless you tell us to do so. You can always make additional payments to your Overdraft Protection Line-of-Credit balance via Vantage Online, Touch Tone Teller, or at the teller window at any of our branch locations.

Q: What happens if my Overdraft Protection Line-of-Credit limit is reached and I overdraw my checking account?
A: If this happens, before any outstanding checks or debit transactions are processed, we will see if you have available funds in your Regular Savings to cover them. If no funds are available in your Regular Savings and you’ve opted in for Vantage to authorize and pay overdrafts, if you qualify, Courtesy Pay will cover the overdrafts after first deducting our standard NSF Fee for each overdraft transaction. If the options mentioned above are not available, or have been exhausted, the outstanding items can't be processed and will be returned. This will result in a fee(s) assessed for these items.

Q: What happens if I have the overdraft protection from my Regular Savings and I overdraw my checking balance but no funds are available in my Regular Savings to cover the clearing check(s)?
A: If no funds are available in your Regular Savings and you’ve opted in for Vantage to authorize and pay overdrafts, if you qualify, Courtesy Pay will cover the overdrafts after first deducting our standard NSF Fee for each overdraft transaction. If the options mentioned above are not available, or have been exhausted, the outstanding items can't be processed and will be returned. This will result in a fee(s) assessed for these items.