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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
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.
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
How can I make changes to my coverage level?
You can change your level of Overdraft Coverage, discontinue the service in its entirety or get more information at any time by:
- Logging in to Online Banking and selecting the Update Overdraft Coverage Level tab within your selected checking account
- Calling us at (602) 433-7000.
- Visiting your local branch.
What fees will I be charged if Desert Financial pays my overdraft?
An Overdraft Fee of $30 will be assessed to your checking account for each transaction that is paid on your behalf when the amount exceeds your account's available balance. For consumer accounts, Desert Financial will charge a maximum of four Overdraft Fees ($120) per processing day (Monday through Sunday, excluding federal holidays). This daily maximum does not apply to business accounts.
- Desert Financial will not charge an Overdraft Fee if a transaction results in a consumer account having a negative balance between $0.01 and $40.00, or a business account having a negative balance between $0.01 and $5.00.
How long do I have to make sure my account is no longer overdrawn?
An overdrawn account, including the amount of any fees assessed, must be brought to a positive balance within 30 days of the initial overdraft date. Failure to repay an overdrawn balance, including the amount of assessed fees within 45 days from the initial overdraft date may result in the overdrawn account being charged off.
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 overdrawn account back to a positive balance.
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. 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 make changes to my coverage level?
You can change your level of Overdraft Coverage, discontinue the service in its entirety or get more information at any time by:
- Logging in to Online Banking and selecting the Update Overdraft Coverage Level tab within your selected checking account.
- Calling us at (602) 433-7000.
- Visiting your local branch.
What fees will I be charged if Desert Financial pays my overdraft?
An Overdraft Fee of $30 will be assessed to your checking account for each transaction that is paid on your behalf when the amount exceeds your account's available balance. For consumer accounts, Desert Financial will charge a maximum of four Overdraft Fees ($120) per processing day (Monday through Sunday, excluding federal holidays). This daily maximum does not apply to business accounts.
- Desert Financial will not charge an Overdraft Fee if a transaction results in a consumer account having a negative balance between $0.01 and $40.00, or a business account having a negative balance between $0.01 and $5.00.
How long do I have to make sure my account is no longer overdrawn?
An overdrawn account, including the amount of any fees assessed, must be brought to a positive balance within 30 days of the initial overdraft date. Failure to repay an overdrawn balance, including the amount of assessed fees within 45 days from the initial overdraft date may result in the overdrawn account being charged off.
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 overdrawn account back to a positive balance.
For additional information on Overdraft Protection and Overdraft Coverage, please refer to our Overdraft Service Options brochure, call us at (602) 433-7000 or visit one of our convenient locations.