Many of us have had occasions where an error in our
checking account register, or forgetting to make a checking account transfer,
has resulted in a check, or checks, being returned for Insufficient funds.
Not only are these situations embarrassing, they usually result in significant
cost and can affect the willingness of some people and organizations to accept
your personal checks in the future.
Cintel now has the ability to offer our
members the Enhanced Overdraft Protection Program (EOPP). This
service will automatically transfer available funds to cover your incoming
personal checks. With EOPP you can select up to three sources which will be
checked for available funds prior to returning your personal checks. The accounts
available for automatic transfer are:
1) Your Regular Cintel Savings Account
(Account #1)
2) Your Current Cintel Overdraft Protection Loan (Loan #142) and
3) Your Cintel Visa Credit Card (Loan #162)
You may set up the transfer order however
you like. For example, you may choose first that needed funds be transferred
from your Cintel savings account, if additional funds are needed you may choose
to have these come from your Overdraft Protection loan, and if enough is not
available in these first two sources you could choose to have funds transferred
to your checking account from your Cintel Visa Credit Card. Only after failing
to finds enough funds from all three sources combined would a check be returned
for Insufficient funds.
Keeping with the Cintel tradition of simplicity
and low cost, the EOPP service is provided for a small annual fee of $15 (less
than a third of what you would typically pay for a single bounced check).
You will have unlimited transfer protection throughout the year and there
is no per transfer fee charged (advances made to loans will incur normal finance
charges).
In addition, EOPP will provide not only
check Overdraft Protection but will also provide overdraft protection for
all of the following:
