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Overdraft Protection Options

broken piggy bank

“Oops” happen and the unexpected will arise! A simple miscalculation or unplanned expenses can really tighten your monthly budget. It’s easy to get off track.

Check out these tips to keep you on the right financial path!

  1. Use CPM Anytime Online Banking or CPM Mobile Banking* to check balances frequently for automatic drafts clearing.
  2. Remember to keep track of joint member transactions, if applicable.
  3. Receive near real-time notifications on select signature-based purchases made with your CPM debit card using Card Controls. You control what activity you want to receive alerts on from available criteria and control how you receive the notifications whether it’s by text or email. Learn More about Card Control options

What to learn more about money management and budgeting? Find our library of webinars for these and many other financial topics here. Still need help? Call Greenpath® Financial Wellness for free financial counseling (877.337.3399).

Still have an “OOPS”? Not to worry, CPM Federal Credit Union has several options to keep you covered!

CPM has the following options available:

Standard Overdraft Privilege1
May be automatically granted to checking account holders 60 days after their account is opened. Standard Overdraft Privilege can be used to cover you when you do not have a sufficient available balance to cover your checks, individually authorized and recurring ACH transactions, internet banking and telephone transfers, Zelle® money transfers, and online bill payments.

Overdraft Privilege Plus2
An optional additional protection may be added to your checking account at any time provided you have Standard Overdraft Privilege in place. Overdraft Privilege Plus can be used to cover all of the Standard Overdraft Privilege transactions plus your ATM and debit card transactions.

When an item paid through this service is subject to a fee the fee amount will be $32.00 unless you opt to receive a paper notice for each use, in which case the fee amount will be $33.00.

  • The above fees will not apply to items paid by Overdraft Privilege when the items are for $5.00 or less.
  • We will charge no more than 4 fees per day for items paid by Overdraft Privilege or returned NSF.

Overdraft Protection Transfer3
If you have other transaction accounts with CPM Federal Credit Union, you can authorize us to set up an automatic transfer to move the funds needed to cover your overdraft. This service is fee free!

You can manage your Overdraft Protection options in CPM Anytime Online Banking, by visiting one of our branches or calling 800.255.1513.

MyLine Anytime4
You may qualify for a CPM line of credit to cover overdrafts. This service requires you to complete an application and approval is based on your credit worthiness. Apply online, visit one of our branches or call 800.255.1513 to find out if you qualify.

1 Each item covered is assessed a fee up to $32.00 per item.
2 To obtain Overdraft Privilege Plus you must complete our Election Agreement for Overdraft Protection. Each item is assessed a fee up to $33.00 per item.
3 This service has a $2.00 fee per transfer.
4 Draws on your line of credit as a loan advance and is subject to interest charges and the terms of the loan agreement. There are no fees per transfer for this service.

*Mobile phone carrier fees may apply.