Advantage Checking Account

Unanticipated expense or unforeseen problems can sometimes leave you with too little cash in your checking account. Having a check returned can be an embarrassing and humiliating experience. At Dover Federal Credit Union, we want to do our part to save you from the possibility of ever having this occur. That's why we created "Advantage Checking" a special overdraft privilege for members of Dover Federal Credit Union with a checking account.

What is "Advantage Checking?"

Advantage Checking is an overdraft privilege requiring no action on your part. You do not have to sign anything. Your overdraft privilege amount (Advantage Checking Limit) will be automatically assigned.

How does "Advantage Checking" work?

As long as you maintain your account in good standing (defined as making regular deposits and bringing your checking account positive at least once every 30 days, and having no legal obligations on the account), Dover Federal may honor overdrafts up to the amount of the "advantage Checking" limit on your account. If you use "Advantage Checking", you should remember that the credit union's normal overdraft (NSF) fee of $25.00 for each transaction will be included in your limit. As in the past, you will be notified by mail when an overdraft occurs. NO INTEREST will be charged on the overdraft balance.

What does my "Advantage Checking" privilege cost?

There is no additional cost associated with this privilege if you bring your account to a positive balance once in every 30 days. As stated previously, you should keep in mind that you will be charged our standard overdraft fee for each check paid or returned.

How soon can I use my "Advantage Checking?"

Advantage Checking is effective and available 180 days after you open your checking account. You will be notified by mail when it is added to your account.

What if I go beyond my "Advantage Checking" limit?

Overdrafts above and beyond your established Advantage Checking Limit will result in a check or checks being returned to the payee. The normal overdraft fee of $25.00 will be charged per check and assessed to your account. An overdraft notice will be sent to notify you of our actions.

How quickly must I repay my "Advantage Checking?"

You should make every attempt to bring your account to a positive balance as soon as possible. If you are not able to do so within 30 days, your Advantage Checking Privilege will be removed. You will receive a letter from us informing you of the situation and your options. If, after a period of time, your account has not been brought to a positive balance, we will have no option but to close your account and take other steps to recover the funds.

Are there other ways to protect my account?

We also offer automatic transferfrom your share account and an overdraft line of credit to cover overdrafts. There is currently a $3.00 fee associated with the transfer from your share account. While there is no fee for accessing your line of credit, interest is charged to your outstanding balance.

If you have additional questions, or would like additional information, call 302-678-8000 or come by any of our convenient branch locations today.