How does an overdraft line of credit work?
If you have an unexpected shortage of funds in your Patelco checking account, your overdraft line of credit takes over to cover you.
Depending on the credit limit you are offered and select, we will process your transactions on your Patelco Checking account even if they dip your balance below $0.00. With that being said, we will only cover transactions that stay within the maximum amount of your Overdraft Line of Credit. Instead of paying an overdraft fee, you’ll pay interest only on the amount you borrowed for the amount of time it’s outstanding.
The interest on the Overdraft Protection Line of Credit is substantially less than the $28 Fee for Courtesy Pay and Paid NSF Overdraft Fee.
Product Benefits
No fee and low rates
No cash advance fees (unlike credit cards), plus get a competitive, fixed rate
Saves money
Interest you would pay is much less than an overdraft fee
Establish or rebuild credit
Helps establish credit history on your credit report
Flexibility when you need it
It’s an open line of credit, so you can also use it for other financial needs
Overdraft Protection Line of Credit
Rates Effective 10/28/2022| Term | Amount | APR1 |
|---|---|---|
| Open-ended | $300 - $5000 | 10.95% to 14.95% |
Frequently Asked Questions
Use Patelco Online™ to manage your accounts online:
- Check balances
- Get account details
- Transfer funds and Make Payments
- Send us secure messages about your loan
- Make payments from your Patelco account
Continued Reading
October 31, 2019
Find out how to manage your money better and improve your financial well-being. Get 10 money management tips from Patelco and begin mastering your money now!
October 29, 2019
Learn why and how you should do a budget review to keep your budget realistic. Find important questions to ask to help you manage your budget and stay on track!
August 13, 2020
How do I stay on top of my bills each month? Follow these 7 tips to better manage your monthly bills.
1 APR = Annual Percentage Rate. All loans are subject to credit approval, restrictions apply, rates are subject to change. Loan rates offered effective 10/28/2022. Patelco offers a range of base rates and discounts that depend on factors such as credit type, credit history, and Patelco account relationship. Actual rates are disclosed to approved applicants in writing prior to loan consummation. The APR range is 10.95% to 14.95% for Signature Line of Credit and Overdraft Protection Line of Credit. Minimum payment is 2% of the unpaid balance or $46.00, whichever is greater. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch.