Overdraft Line of Credit
What is an overdraft line of credit?
An overdraft line of credit is a loan attached to your checking account. When the checking account gets overdrawn, your overdraft line of credit will be used to pay the overdrawn amount. The line of credit limit depends on the member's beacon score. Interest on the money borrowed will be charged.
- Loan Limits: from $500 - $5000.
- Rates: from 10% - 17% APR.
- Payments: from $50 - $200
Late charges are 20% of the interest due, minimum $5/maximum $35. For more information or to qualify please speak to a member service representative today or call 407-835-3500.
Difference between an Overdraft Line of Credit and Overdraft Transfer:Overdraft transfer your money automatically gets transferred from your Share Savings/MoneyMarket/Club account to your checking account.
Overdraft line of credit the money gets transferred from a line of credit to the checking in increments of $50 to cover your overdraft.