Overdraft Protection Options
Mistakes 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!
- Keep a check register.
- Don’t forget to track Debit card transactions in your check register
- Remember to keep track of joint member transactions, if applicable.
- Use CPM Anytime Online Banking or CPM Mobile Banking* to check balances frequently for automatic drafts clearing.
- Receive near real-time notifications on select signature based purchases made with your CPM debit card using CardNav Card Controls. Learn more about CardNav 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
Take our free CheckRight Checking Account Management Module for account management and budgeting tips.
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, POP 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.
We will not charge you Overdraft Privilege fees:
- For items that are $5.00 or less. *Please Note: This protection does not apply to items returned for non-sufficient funds (NSF). NSF items are assessed a fee for each return regardless of the item amount.
- No more than four(4)NSF or overdraft fees will be charged per day.
Overdraft Protection Transfer
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. Visit one of our branches or call 800.255.1513 for more information or to set this up. There is no charge for this protection.
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. Visit one of our branches or call 800.255.1513 to find out if you qualify.
A MyCash loan is a short-term loan ranging from $500.00 to $2,000.00. The process is online and fast. In less than 60 seconds you can get approved and have the money credited to your CPM account. Decisions are based on your relationship with CPM and not your credit score, and the amount approved relates to your history of recurring direct deposits of pay or benefits. A MyCash loan is subject to both an application fee of $20.00 and interest charges, but it may be a better choice than having items returned or paying a fee for each item covered by overdraft privilege. Learn more
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 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.