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Overdraft Protection Options

broken piggy bank

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!

  1. Keep a check register.
  2. Don’t forget to track Debit card transactions in your check register
  3. Remember to keep track of joint member transactions, if applicable.
  4. Use CPM Anytime Online Banking or CPM Mobile Banking* to check balances frequently for automatic drafts clearing.
  5. 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

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:

MyLine Anytime1
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.

MyCash Loan
A MyCash loan is a short-term loan ranging from $500.00 to $1,000.00. Initial requests are limited to $500.00, however subsequent requests can be up to $1000.00. 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.

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.

Standard Overdraft Privilege2
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 Plus3
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 and it’s free!

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.

1Draws 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.
2Each item covered is assessed a fee up to $32.00 per item.
3To 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. Overdraft items may be paid when paying them would not cause your available balance to go further into the negative than $500.00. The amount of your Overdraft Privilege is set by the Credit Union and we may grant you no privilege amount at all. Payment of your overdraft items is at our discretion, and we reserve the right not to pay. Ex: Overdrafts are not typically paid if your account is not in good standing, if you are not making regular deposits, or if you use the service irresponsibly. We will charge a $32.00 fee for items paid by Overdraft Privilege if you did not request paper statement notices, if you opted for a paper statement notice we will charge a $33.00 fee for items paid by Overdraft Privilege. Overdraft fees will not apply to items paid by Overdraft Privilege when the items are for $5.00 or less, for items returned for other reasons, such as Non-Sufficient Funds (NSF), are charged regardless of item amount and are charged per return, no more than 4 fees per day for items paid by Overdraft Privilege or returned NSF. You must bring your account to a positive balance within thirty (30) days of the overdraft. Failure to do so will result in account termination, our possible exercise of right to offset without prior notice, collection actions, reporting to ChexSystems, and negative credit reporting.

*Mobile phone carrier fees may apply.

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