Whenever you make a payment from your checking account, it’s a good idea to have enough funds in your account to cover it to avoid overdraft fees and returned payments. But sometimes, life throws unexpected expenses our way. Here are some strategies that can help you avoid overdraft fees.
Monitor your account regularly
Seattle Credit Union gives you the tools to monitor your accounts. Checking on your account status is simple and easy to do with the Seattle Credit Union mobile app (Apple App Store or Google Pay) or online banking. Text banking is also available.
Activate Bill Pay
Bill Pay is a free and secure way to pay any bill without writing a check. Paying bills on a routine schedule can make it easier to know when the money is going to come out of your account and keep things in order. To start paying your bills online, log into your account via Online Banking and select ‘Bill Pay’.
Set up text alerts for low balances
The low balance alert will send you a text message anytime your account dips below the amount you’ve set for the account. If your funds are below a level you're comfortable with, this can give you time to make a plan before incurring fees or missing payments. To enroll in text banking, click here and follow the steps.
Use direct deposit
Ensure you get your money as quickly as possible by having your paycheck electronically deposited into your account. Signing up for direct deposit with your employer is quick and easy. Generally, you can provide your account number and Seattle Credit Union routing number to your employer to begin your direct deposits. (Seattle Credit Union’s routing number is 325081500.)
Take advantage of Anytime Skip-A-Pay
If you have a car, boat, RV, or personal loan with Seattle Credit Union, take advantage of our Anytime Skip-A-Pay program if the loan payment will make that month's budget too tight. Eligible members are able to skip up to two payments a year on a loan, which can provide relief in your budget if an unexpected expense pops up.
Link to another account with Account Backup.
Account Backup will automatically pull funds for you from another Seattle Credit Union savings, money market or line of credit account, at a lower fee of $5, to save you from the headache of a returned check or electronic transaction.
What is Overdraft Privilege and how does it help?
Overdraft Privilege protects you if you accidentally overdraw your checking account. When your account is protected by Overdraft Privilege, instead of rejecting the transaction, Seattle Credit Union may draw your account negative to make sure your transaction isn't returned. For instance, paying rent, your credit card, your mortgage. Basically any payment that might have a higher fee or impact on your interest rate for being late on a payment, than the $28 overdraft fee. You can also opt-in to have Overdraft Privilege cover your everyday debit card and ATM transactions. Visit any of our branches or log into online banking to add or remove Overdraft Privilege and Extended Overdraft Privilege.
For additional details about Account Backup, Overdraft Privilege, and our Checking accounts, please review these helpful documents.