How to Add Overdraft Protection at Navy Federal
As a Navy Federal credit union member, you may be wondering how to add overdraft protection to your account. Overdraft protection is a feature that transfers funds from your linked account to cover unexpected overdrafts, preventing you from incurring additional fees and charges. In this article, we will guide you through the process of adding overdraft protection at Navy Federal.
Why Add Overdraft Protection?
Before we dive into the process, let’s discuss the importance of overdraft protection. Without overdraft protection, you may be charged additional fees and charges for overdrafts. These fees can add up quickly, and may even lead to financial difficulties. By adding overdraft protection, you can:
• Avoid overdraft fees
• Prevent negative impacts on your credit score
• Enjoy peace of mind knowing that your accounts are protected
Eligibility for Overdraft Protection
To be eligible for overdraft protection at Navy Federal, you must meet the following requirements:
• You must have a Navy Federal checking account
• You must have a linked savings or money market account
• You must be enrolled in online banking and have a valid email address
How to Add Overdraft Protection
To add overdraft protection at Navy Federal, follow these steps:
- Log in to Online Banking: Log in to your Navy Federal online banking account using your username and password.
- Click on "Services": Click on the "Services" tab at the top of the page.
- Select "Overdraft Protection": Click on "Overdraft Protection" from the drop-down menu.
- Choose Your Protection Method: You can choose from two protection methods:
- Link Account: Link your savings or money market account to your checking account.
- Overdraft Transfer: Transfer funds from your savings or money market account to your checking account.
- Set Your Transfer Amount: Set the amount you want to transfer from your linked account to cover overdrafts. You can choose from $100, $200, $500, or a custom amount.
- Review and Confirm: Review your overdraft protection settings and confirm your choices.
Additional Options and Considerations
When setting up overdraft protection, you may want to consider the following options:
• Overdraft Transfer Fee: You may be charged a fee for overdraft transfers. This fee is usually $5 or $10 per transfer.
• Transfer Limit: You can set a transfer limit to prevent excessive transfers.
• Overdraft Protection Override: You can override the overdraft protection feature in certain situations, such as when you need to access funds for a specific transaction.
Table: Overdraft Protection Options
| Option | Description | Fee |
|---|---|---|
| Overdraft Transfer | Transfer funds from linked account to checking account | $5-$10 per transfer |
| Link Account | Link savings or money market account to checking account | None |
| Transfer Limit | Set a limit on overdraft transfers | None |
| Overdraft Protection Override | Override overdraft protection for specific transactions | None |
Conclusion
Adding overdraft protection at Navy Federal is a simple and effective way to protect your checking account from overdrafts. By following the steps outlined in this article, you can set up overdraft protection and enjoy the peace of mind that comes with knowing your accounts are protected. Remember to consider your options and fees associated with overdraft protection, and to review and confirm your settings to ensure your protection is in place.
