We offer multiple ways to cover overdrafts.
An overdraft occurs when you do not have sufficient available funds in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in the following ways:
Parda Overdraft Privilege:
Parda offers a discretionary overdraft privilege program, which may pay overdrafts for:
- Share Drafts – checks you write to a third party against your checking account
- Electronic Funds Transfers – ACH payments or recurring debit card transaction(s)
You can choose to opt in to have your ATM and one-time (not recurring) debit card transactions paid through the Parda’s Overdraft Privilege program, at the Credit Union’s discretion.
A $33 fee will be charged each time we pay an overdraft, and the maximum amount of the items and fees that can be charged are determined by your current overdraft limit.
Any negative balance must be paid in full within 45 days for the account to remain open and the Parda Overdraft Privilege coverage to remain in effect.
Parda offers the Parda Overdraft Privilege courtesy pay program at our discretion. We may refuse to pay an overdraft for any reason, such as, however not limited to:
- You are in default on any obligation to us
- You have filed bankruptcy
- Your account is subject to any legal or administrative order or levy
Parda offers less expensive ways to cover overdrafts, such as:
- Linking your other Parda accounts to your checking account, to transfer over insufficient funds when you exceed your checking account balance.
- Applying for a Line-of-Credit, and setting it up as an overdraft source for your checking account.