{"id":16615,"date":"2024-07-08T21:31:54","date_gmt":"2024-07-08T21:31:54","guid":{"rendered":"https:\/\/www.hopecu.org\/?post_type=product&p=16615"},"modified":"2025-04-16T15:43:55","modified_gmt":"2025-04-16T19:43:55","slug":"how-it-works","status":"publish","type":"product","link":"https:\/\/www.hopecu.org\/product\/personal\/tools\/how-it-works\/","title":{"rendered":"How It Works"},"content":{"rendered":"\n
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Within the program guidelines, HOPE may approve and pay certain overdraft items up to your available coverage limit if your account is in good standing.<\/h2>\n<\/div>\n\n\n\n
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Good Standing<\/h2>\n
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As it relates to Overdraft Guardian, accounts are determined to be in good standing if members:<\/p>\n

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  1. make deposits in an amount large enough to return accounts to a positive end-of-day balance no less often than once every 30 calendar days (the amount of the deposits must include all current fees and charges on the account);<\/li>\n
  2. do not attempt to use any accounts covered by Overdraft Guardian as a line of credit by making use of it excessively;<\/li>\n
  3. do not have an account that is subject to any legal proceeding (levies, liens, garnishments); and<\/li>\n
  4. do not have any HOPE loan that is delinquent by more than 15 days.<\/li>\n<\/ol>\n

    Each time an account uses the Overdraft Guardian service, the available overdraft limit will be reduced by the amount of the overdraft plus a usage fee of $25. If an item is returned, you will be charged an NSF fee of $25. There are no interest charges on overdraft balances.<\/p>\n

    More details about the Overdraft Guardian program can be found in the member overdraft policy.<\/p>\n <\/div>\n <\/div>\n <\/div>\n

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    Notice of Overdraft Activity<\/h2>\n
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    We will send you a notice about overdraft activity in your account each time an overdraft item is paid. The notice will include the amount of the overdraft and any fees incurred.<\/p>\n <\/div>\n <\/div>\n <\/div>\n

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    Overdraft Guardian Coverage Limit<\/h2>\n
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    The limit of your overdraft coverage depends on the type of checking account you have. Each member can be the primary owner of only one HOPE checking account, but coverage may be available on joint ownership accounts that meet the coverage guidelines. Check with a HOPE representative to learn more about coverage on multiple accounts.<\/p>\n

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    Easy Checking<\/td>\n$200<\/td>\n<\/tr>\n
    Easy Checking Plus<\/td>\n$300<\/td>\n<\/tr>\n
    All HOPE Rewards Checking Accounts<\/td>\n$300<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n <\/div>\n <\/div>\n <\/div>\n
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    When Limits Are Exceeded<\/h2>\n
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    Overdraft activity that is over your protection limit may result in items that are returned to the payee. In those cases, a per item NSF fee of $25 will be charged to your account. You will receive a notice of any NSF fees you incur on paid or returned items.<\/p>\n <\/div>\n <\/div>\n <\/div>\n

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    Settling Charges<\/h2>\n
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    To protect your access to the overdraft service, you should make deposits to bring your account to a positive end-of-day balance as quickly as you can. If you do not do so within 30 calendar days, the Overdraft Guardian protection on your account will be suspended, and additional items will be returned. We will send you a notice informing you of this action.<\/p>\n

    Once you have settled any Overdraft Guardian balances due and you have a positive end-of-day account balance, your coverage will generally be available again on the next business day. We will notify you if we elect not to renew your coverage. You may also choose to opt out of coverage by notifying us.<\/p>\n <\/div>\n <\/div>\n <\/div>\n

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    Overdraft Guardian Service Costs<\/h2>\n
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    The only costs associated with HOPE\u2019s overdraft protection are for using the service. There is a $25 fee for each overdrawn item resulting from a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. If you have opted into coverage for electronic transactions, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases.<\/p>\n

    On your monthly statement, we will list the total fees you have incurred for any activity covered by the program for the current month and in the current year so you can monitor how much you are spending to utilize the overdraft protection.<\/p>\n <\/div>\n <\/div>\n <\/div>\n

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    How to Use the Coverage<\/h2>\n
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    There are a variety of ways you can access the overdraft protection service. Consult the following chart to see how you can use it with your account and whether the Overdraft Guardian limit is reflected in the balance provided.<\/p>\n

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    Transaction<\/strong>\u00a0Type<\/strong><\/td>\nIs Overdraft Protection Available?<\/strong><\/td>\nDoes the Balance Provided Reflect<\/strong>\u00a0My Overdraft Protection Limit?<\/strong><\/td>\n<\/tr>\n
    Teller<\/td>\nYes<\/td>\nNo<\/td>\n<\/tr>\n
    Writing a Check<\/td>\nYes<\/td>\nN\/A<\/td>\n<\/tr>\n
    Debit Card (Recurring)<\/td>\nYes<\/td>\nN\/A<\/td>\n<\/tr>\n
    Debit card (Everyday)<\/td>\nNo**<\/td>\nN\/A<\/td>\n<\/tr>\n
    ATM Withdrawal<\/td>\nNo**<\/td>\nNo<\/td>\n<\/tr>\n
    ACH Auto Debit<\/td>\nYes<\/td>\nN\/A<\/td>\n<\/tr>\n
    Online Banking<\/td>\nNo<\/td>\nNo<\/td>\n<\/tr>\n
    Bill Pay<\/td>\nYes<\/td>\nN\/A<\/td>\n<\/tr>\n
    Telephone Banking<\/td>\nNo<\/td>\nNo<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

    **Overdraft Guardian coverage for ATM or everyday debit card transactions must be requested. Call 1-866-321-HOPE (4673) or visit one of our branches to arrange for your ATM and debit card coverage.<\/p>\n <\/div>\n <\/div>\n <\/div>\n

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    Additional Coverage Options<\/h2>\n
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    Your best option for avoiding charges related to overdraft activity is to carefully monitor your account balance and keep up with all of your transactions on a regular basis. If you do have an overdraft that occurs, there are additional choices to cover expenses without using Overdraft Guardian.<\/p>\n

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    Overdraft Coverage Options<\/td>\nExample of Associated Fees*<\/td>\n<\/tr>\n
    Account Management<\/td>\n$0<\/td>\n<\/tr>\n
    Link to Savings Account<\/td>\n$1 Transfer Fee<\/td>\n<\/tr>\n
    Overdraft Guardian<\/td>\nOverdraft Guardian Fee of $25 for Each Item<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/section>\n\n