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Overdraft Protection

Life happens. We’ve got your back.

Unexpected expenses and timing hiccups can happen to anyone. That’s why CommonWealth offers Overdraft Protection—an optional benefit that can help you avoid declines, returned payments, and extra stress when your checking account balance comes up short.

Overdraft Protection acts as a safety net by helping cover transactions when you don’t have enough available funds in your checking account. This helps important payments go through and gives you peace of mind in those “just in case” moments.

Know the Difference: Courtesy Pay vs. NSF

  • Courtesy Pay (Overdraft Paid Fee): We may pay an eligible transaction when funds aren’t available, so it goes through. A fee may apply.
  • NSF (Non-Sufficient Funds) Fee: The transaction is declined/returned unpaid due to insufficient funds. A fee may apply.

Courtesy Pay can be a helpful benefit because it may allow important transactions—like rent, utilities, or everyday debit card purchases—to go through when your balance is short, instead of being declined and returned unpaid like an NSF item.

How Overdraft Protection Works

Automatic Transfers

Zero fee, automatic transfer from your savings (if you have funds available)

Transfer from Credit Card

Transfer from a linked CommonWealth credit card or line of credit (if available)

Courtesy Pay

Courtesy Pay (Overdraft Paid)—CommonWealth may choose to cover eligible transactions for you*

CommonWealth offers the following options to prevent overdrafts*:

 Option 1: Standard Overdraft ProtectionOption 2: Extended Overdraft ProtectionOption 3: Waive all Overdraft Services
How It Works
  • Standard Overdraft Protection will cover checks, ACH, and automatic bill payments.
  • Standard Overdraft Protection will cover checks, ACH, and automatic bill payments
     
  • Extended Overdraft Protection will also cover ATM and debit card transactions
  • No overdrafts will be set up from savings or Visa credit card
     
  • Checks, ACH, and automatic bill payments will be returned as Non-Sufficient Funds (NSF)
     
  • ATM and debit transactions will be declined if there are no funds available
Fees & Other Details
  • Then Overdrafts will be paid up to a limit of $1,000 regardless of  your checking account type
  • No fee for overdraft transfers from your linked savings account.
  • $14 per overdraft paid by CommonWealth (no fee for transactions $5 or less)
  • Then Overdrafts will be paid up to a limit of $1,000 regardless of  your checking account type
  • No fee for overdraft transfers from your linked savings account.
  • $14 per overdraft paid by CommonWealth (no fee for transactions $5 or less)
  • $14 per returned item
  • Charges from the originating institution may apply
To make changes to your Overdraft Protection choice:Overdraft Preference StandardOverdraft Preference Extended FormOverdraft Preference - Waive All

On all qualified checking accounts, we automatically authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments
  • ACH transfers online, by phone, or per pre-authorized automatic bill payment

We do not authorize and pay overdrafts for the following types of transactions unless you opt-in for Extended Overdraft Protection.

  • ATM transactions
  • Debit card transactions

If CommonWealth pays your overdraft, you will be charged a $14 fee each time we pay. But, not to worry, there is no fee to have Overdraft Protection.

Click here to view our full Overdraft Protection Policy.

Not sure how your account is currently set up?

Contact us today at (800) 564-1588 or submit your questions below.

*CommonWealth is not obligated to pay an overdraft item at any time and is not liable if an item is returned due to insufficient funds. Any overdraft (negative) balance, and any applicable fees are immediately due and payable, with a maximum repayment period of thirty (30) days.

Contact Us Today

What is the best way to contact you?

For your security, please avoid including sensitive information (like your member number) in this form. For account-specific questions, log in to Online Banking to send a secure message or call us at (800) 564-1588.