Share Draft account is the Credit Union term for checking account. We provide checking accounts to our members similar to what commercial banks provide. There are No Fees for Draft Accounts when members elect to use e-Statements.
All accounts include these services & features:
- Bill Pay
- Debit Card
- Over 40,000 surcharge-free ATM locations in the United States, with over 3800 in our home state of CT
- No Annual Fee for Credit Cards
- Remote Deposit (with the use of our free Smart Phone App)
- Free to members who use e-Statements
- Mobile Access with Remote Check Deposit
- Share Draft Line of Credit
- Deposits available immediately (No Holds)
- Instant Online Transfers
- 24/7 Access to account information
Deposits Cleared Immediately
One of the major benefits of our Share Draft Account is that checks are cleared immediately when they are deposited. We don’t put a hold on checks so you will be able to use your money immediately, unlike many banks that hold deposits for 3 or more days.
No Per Check Fees
There are no per check fees associated with this account. The first 50 checks are provide to you free of charge, with a large variety of low cost check styles for you to choose from.
And remember this, the $3 monthly minimum $500 balance fee is waived with the use of e-Statements
To Set Up a Share Draft Checking Account:
Please print this file and follow the directions: Standard Disclosure Statement Share Draft (Checking) Agreement.
Share Draft Line of Credit (SDLOC)
An overdraft line of credit is a loan attached to your Share Draft (Checking) account. If you run out of money in your Share Draft (checking) account, the Share Draft Line of Credit (SDLOC), can pay for expenses so that you don’t bounce checks, miss payments, or have your debit card denied.
Our Debit/ATM Card-Used with Your Share Draft Checking Account:
You have the opportunity to use our Visa Debit/ATM card at CU24 Network ATM’s that provide surcharge-free cash withdrawals. CU24 has over 100,000 ATM’s throughout the USA and hundreds within a 15 mile radius of Westport. VISA Debit Cards can be used like checks at the point of sale or at ATM’s to make deposits or to withdraw cash when you need it.
Share Draft Line of Credit – Additional Information
Under your SDLOC account, any money you use is an automatic loan, so you’ll only pay interest on the amount you borrow. Overdraft lines of credit are often less expensive than traditional overdraft protection programs – which usually charge around $35 for each rejected transaction that hits your account. Rejected transactions are embarrassing and could cause late fees if you missed a deadline because your bounced check is returned, for insufficient funds.
To sign up for a Share Draft Line of Credit.
Please print out the PDF file: Share Draft Line of Credit Agreement and Disclosure.
Read the document, sign it and return it to us and we will set up the SDLOC for you. The amount will be based on your Credit Score (see the disclosure). If you are not sure what your credit score is we will be happy to provide that information to you if you give us a call.
Once we receive your signed SDLOC document, we will set up your account and notify you that it is established.
Review All of Your Accounts Online / Instant Transfers:
By using our Flexteller, online access you can review all your accounts online. It is a good idea to check your share draft (checking) account activity often to make sure that no unauthorized transactions have occurred. You can also make transfers from your savings account to your checking account anytime (24/7) and transfers occur immediately. You can also use your smart phone to access your accounts, make transfers, pay bills and deposit checks remotely.
|Savings insured up to $250,000 by the
National Credit Union Administration