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Overdraft Protection | Standard Overdraft Coverage | Debit Card Overdraft Coverage
Overdraft Protection
Overdraft Protection is an optional service that allows you to link another account you have with Desert Financial (such as a savings or Money Market account) and/or a line of credit to your checking account to cover transactions if funds are not available. The available balance in your linked Overdraft Protection account must be enough to cover the transaction amount.
Enjoy the security of this on its own or combine it with Standard Overdraft Coverage or Debit Card Overdraft Coverage.
How do I link an account?
Contact us at (602) 433-7000 or visit one of our convenient branch locations to link an existing account to your checking as Overdraft Protection or to apply for an Overdraft Line of Credit.1
What is covered?
All transactions, including debit card transactions.
What does it cost?
We will not charge a fee when funds are transferred from your linked account to your checking account. If funds are transferred from a line of credit to your checking account, you will be responsible for the interest on your balance.
For more details, see our brochure.
Standard Overdraft Coverage
Standard Overdraft Coverage is applied as the default coverage level to member accounts. Business accounts are only eligible for Debit Card Overdraft Coverage.
What is covered?
- Checks
- ACH transactions (transactions made using your checking account number)
- Recurring debit card payments (like gym memberships or subscriptions)
- Online Bill Pay items
- On-us checks (checks written from a Desert Financial account) cashed at a branch
What is not covered?
- ATM withdrawals
- Debit card transactions
What are my coverage limits?
Coverage limits depend on checking account type and qualifying direct deposits from a payroll provider or an ACH credit.
- Free Checking: $600 with no direct deposit or $800 with at least one qualifying direct deposit of $100 or more in each of the past three consecutive months
- Desert Connect Checking: $100 with no direct deposit or $200 with at least one qualifying direct deposit of $100 or more in each of the past three consecutive months
How can I enroll?
You are automatically enrolled in Standard Overdraft Coverage and can begin using the service after your account has been open for a period of 30 days and is in good standing.2
How can I opt out?
You can opt out of Standard Overdraft Coverage by:
- Logging in to Online Banking and selecting “Update Overdraft Coverage Level.”
- Calling us at (602) 433-7000.
- Visiting your local branch.
What does it cost?
- It costs nothing to have on your account but when used you will be charged a fee of $30.00 per transaction.3 There is a maximum of four (4) overdraft fees per processing day (total of $120).
- We will pay items on your account only up to your available Overdraft Coverage limit.
When will we not charge an Overdraft Fee?
Desert Financial will not charge an Overdraft Fee if an item presented for payment results in a consumer account having a balance between negative $.01 and negative $5.00.
How long do I have to make sure my account is no longer overdrawn?
Per the Statements of Terms, Conditions and Disclosures, a member's account—including the amount of any fees assessed—must be brought to a positive balance within 30 days of the initial overdraft date, and must maintain that positive balance for a minimum of one business day (Monday-Friday, excluding federal holidays) to avoid their Overdraft Coverage limit from being reduced or suspended. For additional information regarding overdrafts, refer to the Statements of Terms, Conditions and Disclosures.
After bringing my account back to a positive balance, when can I use my Overdraft Coverage again?
Members are able to access the full amount of their Overdraft Coverage limit after bringing their account back to a positive balance and maintaining that positive balance for a minimum of one business day (Monday through Friday, excluding federal holidays) within 30 days from the initial overdraft date.
For more details, see our brochure.
Debit Card Overdraft Coverage
Debit Card Overdraft Coverage is an optional service that covers everything Standard Overdraft Coverage does, plus ATM withdrawals and debit card transactions. By opting into this coverage, debit card transactions and ATM withdrawals will clear your account if funds are not available.
Coverage is available for personal accounts after 30 days of account being open and in good standing.2 Business accounts are automatically enrolled in Debit Card Overdraft Coverage after 60 days of the account being open and in good standing.
What is covered?
- Checks
- ACH transactions (transactions made using your checking account number)
- Recurring debit card payments (like gym memberships or subscriptions)
- Online Bill Pay items
- On-us checks (checks written from a Desert Financial account) cashed at a branch
- ATM withdrawals
- Debit card transactions
What is not covered?
All items presented for payment will be covered up to your available Overdraft Coverage limit when enrolled in Debit Card Overdraft Coverage.
What are my coverage limits?
Coverage limits depend on account type and qualifying direct deposits from a payroll provider or an ACH credit.
- Free Checking: $600 with no direct deposit or $800 with at least one qualifying direct deposit of $100 or more in each of the past three consecutive months
- Desert Connect Checking: $100 with no direct deposit or $200 with at least one qualifying direct deposit of $100 or more in each of the past three consecutive months
- All Business Checking accounts: $800
How can I manage my coverage?
You can change your coverage or opt out of Overdraft Coverage by:
- Logging in to Online Banking and selecting "Update Overdraft Coverage Level."
- Calling us at (602) 433-7000.
- Visiting your local branch.
What does it cost?
- It costs nothing to have on your account but when used you will be charged a fee of $30.00 per transaction.3 There is a maximum of four (4) overdraft fees per processing day (total of $120).
- We will pay items on your account only up to your available Overdraft Coverage limit.
When will we not charge an Overdraft Fee?
Desert Financial will not charge an Overdraft Fee if an item presented for payment results in a consumer account having a balance between negative $.01 and negative $5.00.
How long do I have to make sure my account is no longer overdrawn?
Per the Statements of Terms, Conditions and Disclosures, a member's account—including the amount of any fees assessed—must be brought to a positive balance within 30 days of the initial overdraft date, and must maintain that positive balance for a minimum of one business day (Monday-Friday, excluding federal holidays) to avoid their Overdraft Coverage limit from being reduced or suspended. For additional information regarding overdrafts, refer to the Statements of Terms, Conditions and Disclosures.
After bringing my account back to a positive balance, when can I use my Overdraft Coverage again?
Members are able to access the full amount of their Overdraft Coverage limit after bringing their account back to a positive balance and maintaining that positive balance for a minimum of one business day (Monday through Friday, excluding federal holidays) within 30 days from the initial overdraft date.
For more details, see our brochure.
Disclosures
1
Applications for a new Overdraft Line of Credit are subject to credit qualification and approval.
2
Overdraft Coverage limits may be reduced or suspended at any time in Desert Financial's sole discretion and without prior notice, including but not limited to if you default on any loan or other obligation to Desert Financial, your account becomes subject to any legal or administrative order, garnishment or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 30 days of the initial overdraft date for a minimum of one business day (Monday through Friday, excluding federal holidays).
3
An Overdraft Fee is assessed each time Desert Financial pays a transaction that exceeds your account’s available balance.