Overdraft Protection

Overdraft Protection Options

Did you know that you have different overdraft options for your checking account? For your protection and added peace of mind, we offer options to make sure that you're covered when you need it.

We can cover your overdrafts in two different ways:
 
  • Standard Overdraft Protection — Our Standard Overdraft Protection comes with your checking account. You do not apply for this service. You may also choose to opt-out of overdraft protection coverage.
  • Extended Overdraft Protection — You may apply for our Extended Overdraft Protection. This includes the benefits of our Standard Overdraft Practices, and also allows you to overdraft your account for ATM transactions and one-time debit card transactions.

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 $32 fee each time we pay. But, not to worry, there is no fee to have Overdraft Protection.

To make changes to your Overdraft Protection choice click below:

CommonWealth offers the following options to prevent overdrafts*:

  Option 1:
Standard Overdraft Protection
Option 2:
Extended Overdraft Protection 
Option 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

Overdrafts will be paid up to a limit of $1,000 regardless of  your checking account type
 

$32 per overdraft paid by CommonWealth

Overdrafts will be paid up to a limit of $1,000 regardless of your checking account type
 

$32 per overdraft paid by CommonWealth

$32 per returned item
 

Charges from the originating institution may apply

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, here.

*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.