Overdraft Protection

Take advantage of Bangor Federal's Overdraft Protection products tailored to fit your needs!

Sometimes, unanticipated expenses can leave you a little short on cash and, therefore, cause an overdraft fee to your checking account. Having a check returned due to insufficient funds can be costly, inconvenient, and, potentially, an embarrassing experience. Bangor Federal offers products that may help you when you find your checking account in a financial bind. As always, we encourage you to manage your finances responsibly, although we understand that financial situations arise over which you may have no control. We offer products that can help you avoid any additional merchant fees and possible damage to your credit history.

Overdraft Line of Credit*

An Overdraft Line of Credit is a great option because it is a loan product that is directly linked to your checking account.  By having this product, you can enjoy features such as:

  • The ability to protect multiple checking accounts with one Overdraft Line of Credit.
  • No annual fee and a low monthly payment amount.
  • Transferring from the Overdraft Line of Credit to your checking account through Online Banking, Mobile Banking, and iTalk Banking.

Apply Online today to active your Overdraft Line of Credit and all the benefits o f having a safety net for your checking account should something happen!

Member Privilege** (Overdraft service)

Member Privilege is an overdraft service provided to Bangor Federal members with an active checking account which is automatically assigned 30 days after your account has been opened.

To utilize this service, you don’t have to sign anything, just have an account that listed in “good standing” as defined by the Credit Union. Once activated, you are able to take advantage of the Member Privilege product and all its benefits.

  • An extra $500 limit attached to each of your checking accounts that you may have with the credit union (Bangor Federal reserves the right to limit participation to one account per household).
  • A 30-day grace period to bring your account back to a positive end-of-day balance.
  • No additional cost associated with having the product available to you unless you use it. When you do use Member Privilege, you are charged a Member Privilege fee of $28 for each item.
  • Multiple ways to access your Member Privilege as seen here:

 

Access Points

Is my Member Privilege available?

Does the balance
provided reflect my
Member Privilege limit?

Teller

Yes

ON REQUEST

Writing a Check

Yes

N/A

Debit Card (recurring)

Yes

N/A

Debit Card (everyday)

No***

N/A

ATM Withdrawal

No***

No

ACH-Auto Debit

Yes

N/A

iTalk Banking

No

No

Online Banking

No

No

 

Member Privilege costs you nothing unless you use it, however if you would like to have this service removed from your account, simply call the Credit Union at 207-947-0374 and speak with an Accounts Specialist.

 

*This is a loan and an extension of credit.  Minimum payment is 2.5% of outstanding balance determined on the last day of the statement cycle or a minimum payment of $50.00, whichever is greater.  A fee in the amount of $2.50 will be charged for each loan advance extended.  A 12% Annual Percentage Rate begins to be charged on each advance on the date each extension of credit is granted by the Credit Union. Subject to credit approval.

**Member Privilege is a registered trademark of Pinnacle Financial Strategies. Please review the Member Privilege Overdraft Policy for product details.

 **Overdraft Privilege service will be made available for ATM or everyday debit card transactions upon your request. Call 207-947-0374 or visit one of our branches to arrange for your ACH, ATM and debit card coverage.

***Please note that your Member Privilege limit may be accessible at an ATM, or through a POS transaction upon your request. The limit will not be included in the balance provided during an inquiry.