Mistakes Happen – Is Your Checking Account Covered?

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Are you covered for financial mistakes?
Checking account mistakes happen, get covered.

Summer is over; fall is here. Life moves fast, especially when you’re busy.

And when you’re busy, it’s easy for things to slip through the cracks — little things especially, like forgetting to deposit a check or transfer money into the checking account at your Madison area credit union. We all make mistakes, obviously, but the problem is that sometimes these simple errors can lead to an unexpected shortage of funds.

It’s during those forgetful moments that I’m glad Dane County Credit Union is looking out for me. And while they offer a number of Overdraft Protection Coverage options — including overdraft protection transfer, which transfers available funds to your checking account from another account,* and Kwik Cash,** which is a personal line of credit tied to my checking account — my favorite they’ve-got-my-back feature is Overdraft Privilege.***

Quite simply, Overdraft Privilege allows me to overdraw my account for a fee of $30. While that fee may seem like a steep number, it’s saved me much more than $30. This feature especially came in handy when I was in college, when my bills and meager part-time paychecks didn’t always line up. Paying $30 to know my apartment’s rent check went through felt like nothing compared to the late fees my rental company would surely charge me if my check were to, say, bounce.

I’ve had friends go on road trips and get flats, and I’ve had friends need groceries when their bank accounts are temporarily tight. DCCU’s Overdraft Privilege has not only kept them safe on the road and with food in their bellies, but kept them off the phone pleading with those to whom money is owed.

DCCU’s Overdraft Privilege is a great program but it only goes into effect on ATM withdrawals and debit card purchases if you opt in to the service. Otherwise you’re not covered for these types of transactions. And remember, even if you already have Overdraft Protection, Overdraft Privilege is still available as additional back up coverage when your other sources are exhausted.

If you’d like to sign up to have Overdraft Privilege cover your ATM and debit transactions please call Dane County Credit Union at 608-256-5665 or 800-593-3228; complete this consent form and mail it to P.O. Box 7994, Madison, WI 53707, or visit your local DCCU branch!

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*$5 transfer fee applies.
**Normal credit granting standards apply. Interest accrues on unpaid balances.
***For Overdraft Privilege: Accounts will be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to Dane County Credit Union, or if your account is subject to any legal or administrative order or levy.

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Tom S.

Tom is a 2006 graduate of UW Madison, currently residing in Verona with his wife and 2 girls. He has been passionate about writing ever since he was 15 years old, and displays that same enthusiasm in his work today. When he’s not sharing insightful financial wisdom, you can find Tom chilling on the Union Terrace, enjoying craft beer at the Great Dane, or hiking at Governor Nelson State Park. In the Fall he loves to take his family to Badger Football games!