It’s bound to happen at some point. Maybe a check didn’t clear when you expected it, or you accidentally spent too much on vacation. Overdrafts happen, but there are a few things you can do to help ensure you stay on top of your finances and avoid as many overdraft charges as possible.
1. Direct Deposit
Setting up your paycheck to deposit into your account can save you time and help you know when your funds will be deposited. Needing to make a deposit into your account can cause delays, but with direct deposit, you receive your paycheck into your account immediately. Plus, with direct deposit at Arbor, you can receive your paycheck up to 5 days early with Early Pay*.
2. Have an Emergency Fund
Emergencies happen, and it’s important to be as prepared as possible. Having an emergency fund, you can transfer money from when your kids get sick or your phone breaks can help you avoid needing to overdraft or use credit to cover the expense.
3. Keep Track of Your Account Balances
Make sure you know your account balance at all times and keep track of your transactions. You can check your balance online, through our mobile app, or by calling our membership services team at (269) 375-6702.
4. Sign Up for Overdraft Protection Coverage
At Arbor Financial, we offer many different overdraft protection options. Adding one of these services can help reduce overdraft charges.
-
Link to Savings Account: Money is transferred from your savings account to match the amount of your checking overdraft. The charge is $5 for each overdraft. There are no limits on transactions.
-
Flex Line of Credit Transfers: Money is transferred from your line of credit to match your overdraft amount. There is a $5 charge for each transaction, plus interest charges on your credit line.
-
Courtesy Coverage: Coverage is available for members who qualify. This limited service includes checks and automated electronic bill payments but not ATM and everyday debit card transactions. A fee applies each time you use this service+.
-
Courtesy Coverage Plus: Coverage is available to qualifying members. This comprehensive version covers checks, automated bill payments, everyday debit card use and ATM transactions. A fee applies each time you use this service+.
If you would like help setting up an overdraft protection option, contact us!
5. Set Up Account Alerts
Set up alerts for low balances, deposits, and transactions. This will help you stay informed about your account activity and avoid overdrafts. Click here to learn more about Alerts.
6. Create a budget
Creating a budget can help you manage your money more effectively and avoid overspending. We recommend creating a budget that gives a job to each dollar of your income; so, you know exactly where your money is going. For help creating a budget, visit our partner Green Path.
7. Use Automatic Payments with BillPay
Set up automatic payments for bills and recurring expenses to avoid forgetting to make a payment. Plus, when you set up your BillPay, you will set a date for the payment, so you know when to expect the funds to be pulled from your account. Click here to learn how to set up BillPay.
* Direct deposits and other Automated Clearing House (ACH) credits may post to your account up to five days early with the Early Pay service. The Early Pay service is dependent upon when the deposits are originated from the sender and received by the Credit Union, and we cannot guarantee deposits will post prior to their anticipated settlement date. The Credit Union is not responsible for delays in posting due to unforeseen circumstances. The Credit Union, in its sole discretion, may determine whether certain deposit payments, deposit types, or member accounts are excluded from the service. The terms and conditions for Early Pay are subject to change, at any time, without advance notice. Not applicable to business, loan, or mortgage accounts.
+ For full details please see the Membership and Account Agreement. For specific fee information please see the Fee Schedule.
