 All businesses with a Share Draft (Checking) account
are eligible to apply for an automatic Overdraft Line-of-Credit. This
optional line-of-credit is like having a security blanket for your
Business Share Draft Account.
An
Overdraft Line-of-Credit is an excellent way to protect you from
overdrawing your Business Share Draft Account. For example, should you
write a draft for a certain amount and forget to transfer funds from
another account to cover that draft, a loan will automatically be
advanced and deposited into your share draft account to cover that
draft. Then you simply pay off the loan that was advanced, plus any
interest, with the funds that were scheduled to cover that initial
draft.
All overdraft loans are advanced in increments of $100.00, with a
required minimum payment of $40.00.
To apply for overdraft coverage, simply complete an
online application through e-Teller, or call Karen Garrow at
802.776.2124, Amanda Gearwar at 802.776.2133 or Janet Hazelton at
802.776.2116.
|
