EAST LANSING, Mic. Michigan State University FCU has unveiled a new overdraft protection program, a checking account feature that allows members to overdraft their accounts up to $5 without being assessed fees regardless of the reasons an account is overdrawn or the number of transactions it takes an account to become overdrawn.
The new feature, called Balance Shield, applies to all personal checking accounts with Courtesy Pay and associated debit cards with Courtesy Pay for debit protection at the credit union.
“Whether it’s an emergency or simply a case of forgetfulness, we understand that overdrafts can happen,” said April Clobes, executive vice president and chief operating officer at the $2.3-billion credit union. “We offer a variety of free services to help our members avoid overdrawn accounts, and Balance Shield provides an additional way for our members to incur small overdrafts without being assessed fees.”
In addition to its overdraft protection services and new Balance Shield feature, MSUFCU said it aims to help members avoid fees with its check clearing policies. When clearing multiple checks that post to an MSUFCU account on the same day, the credit union clears the checks in order of lowest dollar amount to highest dollar amount. This practice helps members clear more checks and reduces fees if funds are not available in an account to cover every check.
