Member Protection Plan Offers You Peace of Mind
Have you ever accidentally overdrawn your checking account?
Put an end to embarrassing moments at checkout. Our Member Protection Plan may cover your checking account overdrafts up to $500 on debit card transactions, checks, bill payments and electronic drafts based on the plan you choose.
- Enjoy a safety net when your balance is low
- Save money on returned check fees
- Pay less on overdrafts*
- Free coverage on overdrafts of less than $5
To opt into Member Protection Plan:
- Login to Online Banking
- Click “Forms” at top of page
- Complete and submit the Member Protect Plan Options form
You can choose between:
1. Member Protection Plan Limited
- Checks, ACHs and other transactions made using your checking account number
- Automatic bill payments
2. Member Protection Plan Standard
- Checks, ACHs and other transactions made using your checking account number
- Automatic bill payments
- ATM transactions
- Everyday debit card transactions
*Member Protection Plan enrollees will pay a reduced fee of $29.50 on overdrafts instead of $32.50 for insufficient funds fee. A fee may be imposed for covering overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. A maximum of six (6) MPP, overdraft and/or returned item fees will be charged per day.
The Member Protection Plan (MPP) is not a line of credit. However, if you overdraw your account, we have the discretion to pay the overdraft subject to the limit of your MPP and the amount of the overdraft fee. Northwest Federal is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. You must bring your account to a positive balance for at least twenty-four (24) hours within every thirty (30) day period. Northwest Federal will not pay overdrafts if you have exceeded your MPP limit or if you are delinquent in repayment.
To determine whether you have enough money in your account to cover a transaction, we use your account’s available balance which is based upon the deposits and withdrawals to your account and all pending electronic transactions, including pre-authorized transfers, point of sale transactions, and merchant payment authorizations, regardless of whether they have posted to your account.
Member Protection Plan disclosure.
