Overdraft Protection

What is Overdraft Protection?

Overdraft Protection is money (not in your checking account) that prevents you from overdrawing your account and incurring a $25 overdraft fee.  

Checking Line of Credit

Minnesota Valley Federal Credit Union’s Line of Credit, also referred to as ready reserve, is an open ended loan attached to your checking account, ready to kick in if you should happen to overdraw your account. A line of credit costs less than 4 cents per day on a $100 advance which can save you hundreds when compared to NSF fees. The line of credit advances the exact dollar amount you need to cover your transactions, and is simple to repay with a minimum monthly payment of $20 or 4% of the outstanding balance.

Items to consider:

  • There is no advance charge
  • Advances are for only the amount needed
  • This is a loan you must repay
  • Minimum payment is $20 or 4% of balance
  • Your loan will not advance to pay another loan. 

Share Transfer

Share transfer will automatically advance the funds you have on deposit in a savings account at MVFCU.  Funds advance in $100 increments, there is a $2 charge for this transfer.

Pennies on the Dollar

The Checking Line of Credit is designed to save you, the member, money.  A Line of credit advance costs less than 4 cents per day on a $100 advance.  There is no minimum advance charge and it will only advance what's needed, APPLY TODAY.

No Advance Fee

Unlike some Banks & Credit Unions, our Checking Line of Credit doesn't come with an advance fee every time you use it.  You pay less than 4 cents per $100 per day.

To learn more about our Line of Credit: CLICK HERE  


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