What is overdraft protection, and how does it work?
Overdraft Protection is a service that allows a checking or money market savings account to be linked to another account that provides protection against returned items or overdraft. Choices can include using a savings account or a line of credit account to provide protection. When you open a Choice Checking account, you will receive automatic overdraft protection using an LBS Financial Share Savings account, Classic Visa or Visa Gold account. Special Savings and Money Market may be added at your request.
Overdraft protection services allow you to designate accounts to transfer funds from in the event of an overdraft in your checking account. If funds in your checking account are insufficient to cover items presented for payment (i.e. checks, ATM or debit card transactions, or ACH withdrawals), funds are transferred from the designated account(s) with a $4.00 charge per transaction. Overdraft transfers are permitted up to six times per calendar month*.
