The Overdraft Protection feature allows general savings funds to back up your checking account spending and covers new transactions in the event your balance is insufficient. Overdraft Protection covers ACH withdrawals(bill pay, loan, or p2p payment), checks, or debit card transactions. You can choose to turn this functionality on and off as needed. Overdraft protection replaces Spending Reserve and functions slightly differently.
When Overdraft Protection is ON, money will be transferred from your general savings account to cover transactions if your checking account is low on funds. We won't pull from your Vaults so you can keep making progress towards your goals.
- If Overdraft Protection is not enabled, only your available checking account balance will be used to cover your transactions (when Overdraft Coverage is not available).
- If you would like money in your vaults to be available for Overdraft Protection, you will need to transfer funds from your vault to your general savings balance in order for it to be available for Overdraft Protection.