An overdraft occurs when you do not have enough funds in your account to cover a transaction and we cover it anyway.
Overdraft Protection
When the unexpected happens, our overdraft protection options have you covered
Overdraft Options
How to Enroll
- Log in to PenFed.org and navigate to the checking account for which you’d like to add overdraft protection.
- Select View Account Information and then Add Overdraft Protection, in the table below.
- Select the overdraft protection option you’d like to set up.
FAQs
There is no fee to sign up or use Overdraft from Savings. There is no fee to apply for an Overdraft Line of Credit, but usage is subject to interest charges at a fixed interest rate.
No, only one Overdraft Protection option can be applied to one checking account at a time.
Overdraft Protection is available for all checking accounts except Limited Checking accounts.
Overdraft from Savings and Overdraft Line of Credit cover the same transactions.
Checks, automatic external payments and automatic bill payments like a recurring phone bill are covered under either Overdraft Protection option.
Debit card transactions and ATM withdrawals will be declined if your checking account does not have enough available balance to cover the transaction at time of request.
Yes, a savings account can be linked to multiple checking accounts as Overdraft Protection. The owner(s) of the checking account must also be the same as the owner(s) of the linked savings account.
Regular Savings and Premium Online Savings are eligible to use for Overdraft Protection with Overdraft from Savings.
The credit limit is $300 - $5000 for Overdraft Line of Credit, based on credit approval.
No, Overdraft Line of Credit can only be linked to one checking account.
There is no fee per transaction, but there is a daily interest charge at a fixed rate.
Disclosure
1Rates and offers current as of and are subject to change. After account opening, a three business day waiting period applies for credit line advances. This account can only be accessed by overdraft from a checking account. No other types of advances are permitted.