It happens to everyone. Life gets busy and you lose track of the balance in your Academy Bank checking account. Then you go to make a payment, and it's denied. There are fees involved and probably some frustration and stress.
Of course, the best way to avoid this is to keep daily tabs on your balance through Mobile or Online Banking. We also offer a couple of open-only-in-the-event-of-an-emergency options that help you cover expenses even when your account balance can't.
Overdraft Protection Transfers
You can link your Academy Bank checking account to one of your savings accounts or a separate checking account to avoid overdrawing. If a debit or check transaction exceeds your balance, the extra funds are pulled in automatically in $100 increments to cover your transaction. Here are some things to keep in mind about this option:
- Only one account may be linked to each checking account for Overdraft Protection Transfers.
- If the balance in the linked account can't cover your transaction, all available funds will be transferred, and you will be charged overdraft fees or returned item fees for any remaining items not covered by the transfer.
- Linking a secondary checking account could result in overdrafts or returned items and fees on that account.
Ready Cash Reserve
This option provides a line of credit that is drawn upon when an overdraft occurs. The concept is the same as the Overdraft Protection Transfer, except this is a separate line of credit you open through us.
- Credit line limit of $300 to $3,0001
- 15.9% APR
- Interest is charged only for the number of days outstanding
- No per-transfer fee
- Advances can be made in $100 increments
- Minimum monthly payment on the used funds is $25 or 5% of the outstanding balance, whichever is greater
- Those monthly payments are deducted automatically from your Academy Bank checking account
- Additional or larger payments may be made at any time through Online or Mobile Banking or by contacting us
You can apply for Ready Cash Reserve through Online Banking. For Overdraft Protection Transfers and general questions, call or visit a branch.