Optional Overdraft ProtectionNow there's a product that can take care of that annoying and sometimes embarrassing returned check.With Lake Shore Savings' Overdraft Protection, you can be sure you are covered! Lake Shore Savings' Overdraft Line of Credit Our Overdraft Line of Credit is a loan that is attached to your checking account preventing an overdraft on your account. How it Works: • The loan is automatically activated when a check is processed and there are insufficient funds in the account to honor the check. • A deposit is automatically made to the checking account for the exact amount needed to honor the check. • A notice is mailed to you, notifying that the Overdraft Line of Credit has been accessed. • When you receive your monthly Overdraft Line of Credit statement, you then have the option to either pay the total amount due or elect a payment that will be 1/60th of the principal balance plus interest. • There is a $5.00 fee per transaction. Lake Shore Savings' Overdraft Savings Transfer Our Overdraft Savings Transfer prevents an overdraft on your account by transferring the needed funds from your savings account to your checking account. How it Works: • Money is automatically withdrawn from your savings account and deposited to your checking account when a check is processed and there are insufficient funds in the account to honor the check. • The automatic savings transfer is made for the exact amount needed to honor the check. • A notice is mailed to you, notifying that your savings account has been accessed due to an Overdraft Savings Transfer. Savings transfers are free! If you would like to take advantage of this automatic Overdraft Protection, stop by any of our Lake Shore Savings branches today! |
|
