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Overdraft Coverage Alternatives

Star One offers overdraft coverage alternatives that can be combined to provide maximum convenience and flexibility as well as serve as a safety net.
 
To avoid overdrafting your account, we suggest you set up balance notifications in Online Banking or Mobile Banking. You can also take advantage of Debit Card transaction alerts and Text Banking available in Mobile Banking.
 
Star One’s recommended overdraft coverage options are as follows:
 
Our recommended option is to use your Credit Line Loan to cover overdraft coverage. Secondly, your Star One Visa Credit Card can be linked to your checking account to cover overdrafts. Thirdly, overdraft coverage automatically links your Star One savings account to your checking account. If an item is presented for payment and there are not enough funds in your checking account, we will automatically transfer funds from your savings account. Star One can also provide automatic Courtesy Pay coverage as a last alternative for checking account overdrafts. (Note: Government regulations require you to Opt In to authorize everyday debit card transaction overdraft coverage. See below.) The table below displays the optimum order in which items can be paid and illustrates the financial benefits and least costly options for our overdraft coverage:


 

Optimum Overdraft Coverage
Coverage
Fee
Example of OD coverage on a $1,000 check
Credit Line Loan
Interest charge
$.23 interest charge on a $1,000 advance for 1 day*
Visa Credit Card(s)
Interest charge
$.24 interest charge on a $1,000 advance for 1 day**
Savings Account
$2 per transfer**
$2 fee for the savings transfer to cover check
Courtesy Pay Service
$13 per item
$13 fee for paying the item as a courtesy

* Rates and terms subject to change. Your APR (Annual Percentage Rate) is variable. Example is based on an 8.25%.

** Rates and terms subject to change. Your APR (Annual Percentage Rate) is based on credit qualification. Example is based on 8.75% (Current range is 8.75% to 12.75%).

**Limitations: No more than six (6) preauthorized, automatic, telephonic, audio response, Internet or overdraft transfers to yours or to a third party during any calendar month.

 

 

  • Credit Line Loan Overdraft Coverage. Upon approval (and if you do not have a Star One Visa Credit Card) automatically links your Star One Credit Line Loan to your checking account. If an item is presented for payment and there are not enough funds in your checking account, we'll automatically advance funds in multiples of $100, up to your available Credit Line Loan limit. There is no cash advance or transfer fee for this service; however, interest begins to accrue from the date of advance. Apply online
     
  • Visa Credit Card Overdraft Coverage. Upon approval, automatically links your Star One Visa Credit Card to your checking account. If an item is presented for payment and there are not enough funds in your checking account, we'll automatically advance funds in multiples of $100, up to your available Visa Credit Card limit. There is no cash advance or transfer fee for this service; however, interest begins to accrue from the date of advance. Apply now for a Star One Visa Credit card!
     
  • Savings Overdraft Coverage. Automatically links your primary savings account to your checking account. If an item is presented for payment and there are not enough funds in your checking account, we'll automatically transfer funds in multiples of $100, up to your available savings balance. There is a $2 fee per transfer.
     
  • Courtesy Pay Overdraft Coverage. In addition to the Overdraft Coverage types above, Star One provides added coverage for your Checking Account and will automatically pay items on your behalf up to a limit of $2,000. Members must qualify and be in good standing at Star One Credit Union. There is a $13 fee charged per each overdraft transaction. This means that instead of returning an item to a merchant due to insufficient funds, Star One will pay the item, saving you possible merchant charges and the embarrassment of an inadvertent mistake. You must opt-in or opt-out of Courtesy Pay. Please click here to complete our Courtesy Pay form which includes information for Opting In to every day debit card overdraft coverage. (You may also access a signature-free submittable form in Online Banking behind the "Online Forms" tab.

If you already have a Star One Checking Account and would like to set up overdraft coverage, complete our Overdraft Coverage form, or call us at (866) 543-5202 or (408) 543-5202 to speak with a Member Service Representative. If you don't yet have a Star One Checking account, apply today. Be sure to choose your desired type of overdraft coverage, and don't forget about a Visa Debit Card, Touchtone TellerOnline Banking and Mobile Banking!

 Sign up for eNotices to receive selected account notices and annual tax forms online. To enroll, log in to Online Banking and click on the eNotices link on the Account Access tab. Learn more here.

Available balances displayed in Online Banking, via Touchtone Teller or on your monthly statement do not include overdraft and/or credit line amounts.

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