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Opt In for expanded Overdraft Privilege coverage.

What would happen if you were at the grocery checkout, your cart filled with groceries for the week, and when you swiped your debit card to pay — it got declined?
...Would you feel embarrassed? Panicked?
...Would you have enough cash in your wallet to pay the bill?

Nobody wants to be in that situation. Not only is it embarrassing, but it can ruin your whole day. Sometimes it’s easy to forget about an earlier purchase that was made, or maybe a deposit happened later than you expected it to. In times like those, expanded Overdraft Privilege can now back you up.

Opt In for Expanded Overdraft Privilege LANCO's expanded Overdraft Privilege is available to cover ATM and everyday
debit card transactions.

Checking accounts at LANCO automatically feature Overdraft Privilege which covers overdrafts resulting from check or ACH transactions, up to a certain amount. However, federal regulations require us to receive your opt-in authorization in order to pay overdrafts on ATM or everyday debit card transactions.

See how expanded Overdraft Privilege coverage can benefit your account:

Example 1 —
Opted In for expanded Overdraft Privilege		   Example 2 —
Not Opted In for expanded Overdraft Privilege
Savings Balance $ 50
Checking Balance $ 50
Purchase groceries $ 70

The $70.00 grocery purchase is approved.

$25.00 is transferred from Savings to Checking. A $5.00 overdraft transfer fee is paid from your Checking account.

Your Savings balance is now $25.00.

Your Checking balance is now $0.00.

Savings Balance $ 50
Checking Balance $ 50
Purchase groceries $ 120

The $120.00 grocery purchase is approved.

The purchase amount and the overdraft fee of $29.00 are deducted from your Checking account.

Your Savings balance remains the same.

Your Checking balance is now -$99.00.

Savings Balance $ 50
Checking Balance $ 50
Purchase groceries $ 70

The $70.00 grocery
purchase is declined.

Without expanded Overdraft Privilege, approval for ATM and everyday debit card purchases is based only on the available balance in your checking account, regardless of the available balance in your savings account.

Your balances remain the same.

 

If you rely on your debit card for everyday purchases, expanded overdraft privilege is a valuable feature. Click here to opt in.

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For more information about Overdraft Privilege and the way that LANCO handles overdrafts on your account, read the Overdraft Privilege Policy and What You Need To Know About Overdrafts and Overdraft Fees.
 
LANCO Federal Credit Union