How does it work?
- Link up to two eligible accounts to your checking account.
- Money will “sweep” (transfer) from the linked account or accounts to your primary checking account at the end of the business day processing to automatically cover potential overdrafts during the day.
- If the funds aren’t available in your first linked account, funds will be transferred from the second linked account.
- No transfer fees.
- No limit up to the available balance in linked accounts.
What is an Eligible Funding Account?
- Each primary account can have two eligible linked accounts that serve as funding sources if you overdraw your accounts. The Savings Bank eligible accounts include all savings, money market accounts, and other checking accounts that allow electronic debit transactions.
- A linked account can also serve as a funding source for multiple primary checking accounts if you have more than one primary checking account. You can only link accounts as a funding source if you are an owner of an account.
What transactions are covered?
With the election of Transfer Protection, we will pay checks, automatic recurring debit card transactions, ACH transactions, and other electronic transactions that would create an overdraft.
Everyday debit card and ATM transactions will be covered if you have opted in to allow overdrafts on these types of transactions. If you have not opted in, debit card and ATM transactions will be declined. Please contact The Savings Bank for information on how to opt-in for debit card and ATM transactions.
How are items processed?
The order in which we access your overdraft options is from no cost to you to the next lowest cost and then the highest cost: Transfer Protection, then Money Reserve Line of Credit, and then Bounce Protection. If you set up Transfer Protection, your linked account or accounts will be accessed first when you overdraw your primary checking account. See our other overdraft options below.
Who does Transfer Protection work well for?
Transfer Protection works well for customers who maintain higher balances in other accounts, such as a savings account. One cent ($0.01) must always remain in any savings account and will not be transferred. Fees may still apply on a related saving or money market account based on balance level or other account requirements. If you do not have sufficient balances in your linked accounts to cover an overdraft in your primary account, the transfer would not be completed unless you have a Money Reserve Line of Credit to cover the remainder of the overdrawn amount.