Overdraft protection
Explore overdraft protection options and protect your account from potential overdraft fees.
Protect your account
Get the peace of mind you deserve with flexible overdraft protection options.
Overdraft from savings
Transfers available funds from your linked Premium Online Savings account to cover checking overdrafts.
Why it’s great:
- No fees for transfers
- Connect one Premium Online Savings account to many checking accounts
- Quick and simple enrollment
Overdraft line of credit
Transfers funds from a line of credit to cover checking overdrafts.
Why it’s great:
- No access fees
- Fixed 17.99% APR
- Lines from $300 (subject to approval)
Overdraft from savings
Transfers available funds from your linked Premium Online Savings account to cover checking overdrafts.
Why it’s great:
- No fees for transfers
- Connect one Premium Online Savings account to many checking accounts
- Quick and simple enrollment
Overdraft line of credit
Transfers funds from a line of credit to cover checking overdrafts.
Why it’s great:
- No access fees
- Fixed 17.99% APR
- Lines from $300 (subject to approval)
How to enroll
Enroll in three simple steps:
Log into your PenFed account online and go to the checking account you want to protect.
Find “View Account Information” and select “Add Overdraft Protection”.
Choose the overdraft option that works best for you.
FAQs
An overdraft occurs when you do not have enough funds in your account to cover a transaction and we cover it anyway.
There is no fee to sign up or use Overdraft from Savings. There is no fee to apply for an Overdraft Line of Credit, but usage is subject to interest charges at a fixed interest rate.
No, only one Overdraft Protection option can be applied to one checking account at a time.
Overdraft Protection is available for all checking accounts except Limited Checking accounts.
Overdraft from Savings and Overdraft Line of Credit cover the same transactions.
Checks, automatic external payments and automatic bill payments like a recurring phone bill are covered under either Overdraft Protection option.
Debit card transactions and ATM withdrawals will be declined if your checking account does not have enough available balance to cover the transaction at time of request.
Yes, a Premium Online Savings account can be linked to multiple checking accounts for Overdraft Protection.
Premium Online Savings is eligible to use for Overdraft Protection. Regular Savings is not eligible. Please note that the savings account must have the same owners as the checking account to be eligible for linking.
The credit limit is $300 - $5000 for Overdraft Line of Credit, based on credit approval.
No, Overdraft Line of Credit can only be linked to one checking account.
There is no fee per transaction, but there is a daily interest charge at a fixed rate.
Disclosure
1Rates and offers current as of and are subject to change. After account opening, a three business day waiting period applies for credit line advances. This account can only be accessed by overdraft from a checking account. No other types of advances are permitted.