Navigating Overdrafts
Overdraft Privilege Program
Standard Overdraft Coverage
Overdraft Privilege gives you the freedom to overdraft your account to pay for a transaction up to a disclosed limit. With the Overdraft Privilege Program, you are charged a fee, which is often less than the price of a returned item through the receiving vendor, saving you money in the long run.
Overdraft Privilege can offer stand-alone protection for your account or be set up as secondary coverage with our other overdraft protection options. When you open an eligible Beacon Checking account, you are automatically enrolled in Standard Overdraft coverage.
For FAQs about Overdraft Privilege and a side-by-side comparison of Standard and Extended Coverage, please visit our Customer Support Center.
Extended Overdraft Coverage
Click below for a complete list of our current overdraft fees.
More Overdraft Protection Options
Budget Checking
Beacon’s Budget Checking account makes everyday money management simple and affordable. With a low monthly service fee, no overdraft fees, and helpful budgeting tools, you can stay in control of your finances with confidence. Open your Beacon Budget Checking account today with just a $25 opening deposit.
Member Plus Protection
Member Plus Protection is a personal line of credit designed to provide you a buffer for your checking account when you don’t have funds available.
You can enjoy the following benefits with a Beacon Member Plus Account:
- Overdraft protection without incurring overdraft fees.
- Credit limit ranging from $500 to $3,000.
- Access to funds in $100 increments.
- Members can take advances in person, at an ATM or through Online Banking or the Mobile App.
- Minimum payment of 3% or $25, whichever is greater.
You can apply for a Member Plus Protection account online or by visiting a branch today.
Automatic Savings Transfer
With the Automatic Savings Transfer, it’s like having a safety net for your checking account without opening a line of credit.
Click below to see transfer fees that may apply.
Overdraft Fees FAQs
What is an overdraft?
An overdraft occurs when you make a transaction for an amount higher than the balance in your checking account.
For example, if your account has a balance of $500 and a transaction takes place that’s $600, you would be overdrafted $100 and your account would be negative.
What is an overdraft fee?
Which transactions can overdraft my account?
What's the difference between an overdraft fee and a non-sufficient funds fee?
Overdraft Fee: a fee charged when you make a transaction that is more than your account’s available balance, but the financial institution pays the transaction.
Non-Sufficient Funds Fee: a fee charged when you make a transaction that is more than your account’s available balance, and the financial institution does not pay the transaction.
What options are there for managing overdraft fees?
No Fee Checking: Beacon’s Budget Checking Account offers no overdraft fees or non-sufficient fund fees. To learn more about Beacon Budget Checking, click here.
Transfer from Savings: You can designate a backup savings account to automatically cover overdrafts from your checking account.
Overdraft Privilege Program: With all Beacon Checking accounts, except for the Budget Checking, you may be eligible to opt in to the Overdraft Privilege program. When your account overdrafts, the funds are paid, but there is an overdraft fee associated with each overdraft. The overdraft fee under this program is often less than a vendor would charge you for an overdrafted check or payment. For FAQs about Overdraft Privilege, please visit our Customer Support Center.
Member Plus Protection: A line of credit that deposits money into your checking account when you overdraft your account in increments of $100. Member Plus Protection is subject to credit approval. For more information on Member Plus Protection, click here.
How does an overdraft-free checking, like Beacon's Budget Checking, work?
You will never be charged for overdraft fees or non-sufficient fund fees with the Beacon Budget Checking. The way this works is when you make a transaction that is more than the balance in your checking account, the transaction will not be processed in most circumstances.
In a few situations, if you make a transaction that is authorized for one amount, and the payment withdrawn from your checking account from the vendor is a higher amount, your account could become negative if your balance is less than the total payment. For example, if you have $20.00 in your bank account and eat at a restaurant where you spend $19.00. If you leave a $5.00 tip, even if the total amount the cashier processes is covered, when it hits your account it will be for $24.00 and draw your account negative.
Even in this situation, you will not be charged an overdraft or non-sufficient funds fee, but no further transaction will be authorized until your account is positive.