As of May 15, 2020, we will no longer originate new Overdraft Lines of Credit to customers. However, any existing Overdraft Lines of Credit will remain open.
Instead of charging overdraft fees when your balance goes below $0.00, we offer the option of an Overdraft Line of Credit with 360 Checking. Depending on the limit you are offered and select, we will process your transactions on your 360 Checking Checking even if they will dip you below $0.00. 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 only pay interest on the amount you borrowed for the amount of time it’s outstanding (we’re talking pennies).
Here’s an example: A 360 Checking customer has $1,000 in his 360 Checking, and an Overdraft Line of Credit limit of $100. He buys a new laptop computer for $1,050 using his 360 Checking Card. This transaction will be processed using the $1,000 balance in his 360 Checking, and $50 from his Overdraft Line of Credit. His 360 Checking balance will now appear as -$50 on our website, which reflects the $50 credit used from his Overdraft. He will then pay interest on the $50 he borrowed.