Life Happens!
At People’s Credit Union, we understand that unexpected overdrafts can occur. The great news is that we have solutions that can assist you when these instances happen.
Overdraft Options
Overdraft Privilege
An elective service that we offer as a standalone overdraft product or as a backup to overdraft protection if the sources are exhausted
- No minimum balance
- No monthly service charge
- Free starter checks
For more information, please call our Member Service Center at 800.498.8930 or visit one of our six locations.
Savings Overdraft Protection
Link your checking account to another savings account at People’s Credit Union
- No annual fee
- Only $5.00 fee per transfer
Personal Overdraft Protection
A line of credit available only to cover overdrafts.
- Minimum amount: $100; Maximum: $2,500
- Interest calculated on outstanding balance only
- Annual fee $25
Personal Line of Credit
A line of credit available to cover overdrafts as well as other financial needs
- Minimum amount: $1,000; Maximum: $25,000
- Interest calculated on outstanding balance only
- Annual fee $25
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
| Service | Cost |
|---|---|
| Overdraft Protection Link to Another Deposit Account you have at People’s Credit Union1 | $5 fee per transfer |
| Overdraft Protection Line of Credit1, 2 | Subject to fees + interest |
| Overdraft Privilege | $35 Insufficient Funds Charge |
1Call us at 800.498.8930 or come by a branch to sign up or apply for these services;
2subject to credit approval.
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account, or line of credit you may have at People’s Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
| Transactions Covered with Overdraft Privilege | Standard Coverage (No action required) | Extended Coverage (Your consent required on consumer accounts) * |
|---|---|---|
| Checks | X | X |
| ACH – Automatic Debits | X | X |
| Recurring Debit Card Payments | X | X |
| Online Bill Pay Items | X | X |
| Internet Banking Transfers | X | X |
| Teller Window Transactions | X | X |
| ATM Withdrawals | X* | |
| Everyday Debit Card Transactions | X* |
If you would like to select Extended Coverage for future transactions:
call us at 800.498.8930, visit any branch, complete a consent form and mail it to us at 858 W Main Road, Middletown, RI 02842 or e-mail us through the iBanking portal for assistance.
*If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at 800.498.8930, visiting any branch or sending us an e-mail through the online banking portal for assistance.
What Else You Should Know
- A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our Mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit mymoney.gov.
- The $35 Insufficient Funds Charge paid is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Paid or Returned Insufficient Funds Charge of $35. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
- For all accounts, there is no limit on the total Insufficient Funds Charges per day we will charge. We will not charge an Insufficient Funds Charge if a consumer account is overdrawn by $10 or less.
- We generally post items in the following order: 1) credits, 2) ATM and debit card transactions, 3) ACH debits, 4) checks, low to high dollar amounts. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Insufficient Funds Charges or Insufficient Funds Charges assessed. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Paid or Returned Insufficient Funds Charges or Insufficient Funds Charges assessed.
- Although under payment system rules, People’s Credit Union may be obligated to pay some unauthorized debit card transactions, People’s Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
- Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account may result in you incurring Insufficient Funds Charges for transactions that we would otherwise be required to pay without assessing an Insufficient Funds Charge. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card.
- People’s Credit Union authorizes and pays transactions using the available balance in your account. People’s Credit Union may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or People’s Credit Union ATM’s.
- People’s Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Insufficient Funds Charge may be assessed.
- Except as described in this disclosure, People’s Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
- People’s Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described in this disclosure). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
- People’s Credit Union may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
- People’s Credit Union may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
- Overdraft Privilege limits of up to $500 are available for eligible Personal Checking accounts opened at least 30 days in good standing and up to $1000 for eligible Business Checking accounts opened at least 30 days in good standing.
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 800.498.8930 or visit a branch
Rates
Active as of 12.20.2024
Personal Line of Credit
Adjustable Rate
| Product | APR* as low as | Apply |
|---|---|---|
| Line of Credit | 14.75% | Apply Now |
DISCLOSURES
Interest Rates are subject to change without notice.
* Annual Percentage Rate (APR) subject to change without notice. Rate shown is lowest available based on credit. Other rates available based on creditworthiness. Maximum amount of line: $25,000
Related Products
Frequently Asked Questions
What can we help you with today?
People’s Credit Union’s Routing number/ABA number is 211573151 and it can also be found at the bottom of our website. Our routing number is the same for ACH transfers, checks, and wires.
You can view your account balance/s by signing into your online banking profile through our website or through the PCU mobile app. To view account activity, click on the desired account to view recent activity. You can filter by date range to see previous activity.
If you are an existing member, you can open an additional deposit account through your online banking profile. Once you log in navigate to the Open an Account tab and follow the flow to complete the account opening process. Your new account can be funded with either an existing People’s Account or a linked external account.
Within the PCU mobile app, you would select the “Deposit a Check” option. Once you have read the notices, you would select an account to which the check would be deposited and input the check amount. You would then take a picture of the front and back of the check in a well-lit environment, ideally with a dark background, as directed on the screen. The check must include “Mobile Deposit to PCU” under the endorsement to be accepted for deposit.
Once submitted, you will receive an email indicating that the check was received. Please retain the check for 30 days. Mobile deposited checks are manually reviewed and may be rejected upon review. If rejected, you will receive an email with the reason the deposit was not successful.
