We have all had times when our checking account dips into a low balance. In times like these, we're vulnerable to overdrafts and, consequently, overdraft fees.
You may incur an overdraft fee when you make a transaction that pushes your available balance into the negative. At Apple, our non-sufficient funds (NSF) or Overdraft Privilege (ODP) fee is $25.
If you are curious about how to avoid being charged overdraft fees, you're not alone. Here are some tips to help you avoid overdraft fees and improve your overall account management.
Four Solutions to Help You Avoid Overdraft Fees
Set Up Overdraft Savings Transfer
One of the easiest ways to avoid overdraft fees is to use a linked account to safeguard your primary Checking account. At Apple, we offer this solution with our Overdraft Savings Transfers.
Overdraft fees occur when Apple FCU covers the amount of your overdraft when you make a transaction. With Overdraft Savings Transfers, Apple will automatically pull funds in the amount of your overdraft from your linked account(s) when you overdraw your Checking account. This is an easy way to add some padding to your Checking account transactions without incurring any overdraft fees.
To set up Overdraft Savings Transfers, log in to Apple FCU Online or Mobile App and complete the Overdraft Protection request (Accounts menu). You can also speak with an Apple Team Member at a branch, 703-788-4800 or through Live Chat in the Apple Mobile App or Online Banking.
Apply for a Signature Line of Credit
Another great way to add overdraft protection to your Checking account is with a Signature Line of Credit.
A Signature Line of Credit allows you to charge the amount of your overdraft rather than put your account into the negative. You can also use a Signature Line of Credit to fund long-term projects, cover emergency expenses and more.
Apply today to add a Signature Line of Credit as overdraft protection for your account.
Track Your Available Balance with Online Banking
According to the Consumer Financial Protection Bureau, most overdrafts from debit cards are from purchases of $24 or less. Keeping an eye on your account's available balance with the Apple Mobile App or Apple FCU Online can prevent you from making a purchase that triggers a fee.
You can also review purchases, set up text/email alerts when your balance gets low and more. This will help you become more aware of your available balance to avoid overdraft fees.
Remember that your available balance does not include transactions we don't know about yet, such as checks you have just written. Only you know all the transactions that will affect your available balance.
Keep Track of Spending
Even small expenses can add up. Keeping track of your spending with the Apple Mobile App and Online Banking can prevent one small purchase from overdrawing your account.
You can keep track of all your spending using the 'Track Spending' feature under the Plan & Learn section of the Apple Mobile App and Online Banking. You can conveniently review your purchases, manage your everyday spending and even catch any unexpected subscription/automatic charges.
Good Account Management is the Best Way to Prevent Overdrafts
Avoiding overdrafts is possible if you use all the tools available to you. Once you commit yourself to improving financial habits, you will be astounded at what you can do.
At Apple, we are here to help. If you would like to discuss your account(s), speak with an Apple team member at your local branch or contact us at 703-788-4800 or through Live Chat in the Apple Mobile App or Online Banking.