Financial backup can be there when you need it with our Overdraft Transfer Service. Mistakes can happen to anyone. Sometimes you may lose track of how much money is in your Sharonview checking account
and you might overdraw at a store or restaurant. If you do not have overdraft transfer set up on your account, then you might end up in an embarrassing situation when trying to make your purchase, or you could pay a higher fee than necessary to cover the purchase.
We're here to help. We provide tools to help you track your finances, and we can help you set review your options and set up an overdraft transfer account.
Types of Overdraft Transfer
Your Overdraft Transfer1 options include 2 ways of backing up your checking account.
Link to Savings:
Automatically links your primary
Sharonview savings account2 to your checking account and transfers necessary funds in multiples of $100, up to your available savings balance.
Link to a Line of Credit:
Upon approval, this coverage automatically links your Sharonview line of credit to your checking account and advances necessary funds in multiples of $100, up to your available credit limit. Please note, interest on the line of credit begins to accrue from the date of advance.
How Overdraft Transfer Works
- When an account is linked to your Checking Account as an Overdraft Transfer account, it can cover you in case the purchase, a bill payment, electronic draft or a written check would otherwise take your account into a negative balance.
- Money can automatically transfer, in increments of $100 and up to the limit of the overdraft account, into your checking to cover the funds which you would be short.
- If your overdraft account is a Savings account, then you can move funds back over to that account any time you wish to build up your overdraft account
- If your overdraft account is a Line of Credit, then interest will begin to accrue immediately on the funds borrowed to cover your Checking Account. You can pay back the funds at any time with an easy online or mobile banking transfer. If the line of credit is still showing a balance when the loan cycles, then you will receive a loan statement with the payment amount.
Contact us to set up the Overdraft Transfer option that works best for you.
1Overdraft Transfer fee may apply. See Fee Schedule.
2By federal regulation, electronic transfers from savings are limited to six per month.