Additional Beacon Checking Account Perks

Check out the advantages that come from any of our Beacon Checking Accounts...

If you're already a member, apply for a Beacon Checking Account with Beacon Online Banking.

If you're not a member, contact mybcu@mybcu.org to request a Checking Application or call us at 1.800.868.6655.


*Choice Plus Checking - *5.05% Annual Percentage Yield (APY) paid on balances between $0.01 and $2,500 each month a member makes one direct deposit, maintains an average daily balance of $300.00, is registered for e-statements and conducts a minimum of 15 debit card transactions. A 0.05% APY is paid on the portion of account balances over $2,500 for each month the requirements are met. A rate of 0.05% APY will be paid on all balances over $0.01 each month the requirements are not met. Dividends begin the business day we receive credit for the deposit of non-cash items (for example, checks). Rates and terms for this account are effective November 14th, 2017 and subject to change. Dividends are compounded monthly. Beacon Credit Union checking accounts are subject to debit qualification.
**A $1.50 Charge for Balance Inquiry Only - Automatically deducted at the time of inquiry. Withdrawals are free.

Why you need to Opt In and have Beacon Credit Union authorize and pay overdrafts for ATM and everyday Debit Card transactions. There is no fee for opting in. By opting in, you authorize Beacon Credit Union to cover your ATM and everyday Debit Card transactions when you do not have enough money in your account. This valuable service may help you in case of financial emergencies and unexpected out-of-town expenses. This service also may prevent the embarrassment of an ATM or everyday Debit Card transaction from being declined and provides greater flexibility in managing your money. The only time you pay a fee for this service is when you use this service.

You are required to Opt In for this service because of new regulatory requirements.

If you don't opt in there is no emergency protection for everyday Debit Card and ATM Card transactions.

CLICK HERE FOR OVERDRAFT OPT IN FORM


What you need to know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.  We can cover your overdrafts in two different ways:

  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see above).

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, taking into account an overdraft privilege limit that we establish for each account. However, this means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Beacon Credit Union pays my overdraft?

We will charge you a fee of up to $40 each time we pay an overdraft. There is no limit on the number of overdrafts we can charge.

What if I want Beacon Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call us at 434.237.1566.

Work, kids, school, exercise, hobbies... whatever you're juggling, sometimes the little things can be forgotten. When balancing your checkbook is the last thing you have time for, Beacon has several options to protect you from high fees and failed transactions.

Member Plus Protection

Member Plus Protection is a personal line of credit built to act as a safety net for your checking account. With a Member Plus Protection account you'll benefit from...

  • Overdraft protection without overdraft fees
  • $500 to $3,000 Credit Limit*
  • Funds are available in $100 increments
  • Members may take advances in person
  • Minimum payment is 3% or $25, whichever is greater.

To open a Member Plus Protection account, stop by a branch or call 1.800.868.6655 today!

Savings transfer

Want a safety net, without an extra line of credit? Set up an overdraft protection transfer from a Beacon savings account. In the event of an overdraft, available funds will be automatically pulled into your checking. Click here to see transfer fees that may apply.

Overdraft Privilege Program (Standard & Extended Coverage)

Overdraft Privilege is an added benefit to having a qualifying Beacon Checking Account. Overdraft Privilege is not a line of credit. However, if you accidentally overdraw your account, we will have the discretion to pay the transactions that are covered under Standard or Extended Overdraft Privilege, depending on which you have.

There are no costs for having Overdraft Protection unless you use it. You may be charged fees if you overdraft your account, but these can be considerably less than those charged by businesses for returned checks or failed transactions. Please click here to see our Current Rate and Fee Disclosures to review our current Overdraft Fees.

Beacon Credit Union will not pay overdrafts for ATM or everyday debit card transactions unless you have given your consent by extending coverage to the payment of these overdrafts. Please see the chart below for a comparison of which transactions qualify.

For a list of frequently asked questions about the Overdraft Privilege Program, click here.

Which Types of Transactions does Overdraft Privilege Cover?
Transactions Covered with the Overdraft Privilege Program Standard Coverage
(No action required)
Extended Coverage
(Your consent required)*
Checks X X
ACH - Automatic Debits X X
Recurring Debit Card Payment X X
Online Bill Pay Items X X
Internet Banking Transfers X X
Beacon Audio Response Teller (B.A.R.T.) X X
Teller Window Transactions X X
ATM Transactions   X*
Everyday Debit Card Transactions   X*

 You can opt in or opt opt out of the Overdraft Privilege Program in the following ways...

1. What is Overdraft Privilege?

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as a secondary coverage if the other protection sources is exhausted.

2. How much does Overdraft Privilege cost?

There is no cost for having Overdraft Privilege on your account. Fees will only be applied to your account if you overdraw your account and we elect to pay the transaction. The Overdraft Privilege is a courtesy and not an extension of credit. You will only pay for Overdraft Privilege if you use it. Please see our Rate and Fee Disclosure for a full list of fees associated with the Overdraft Privilege Program.

3. Which transactions are covered by Overdraft Privilege?

Overdraft Privilege covers purchases made by check, including those that are cashed in person, as well as ACH debits from your checking account. You can also extend your Overdraft Privilege to your ATM and debit card transactions by providing written consent to a Beacon representative at a branch or by filling out the Overdraft Privilege Opt In/Opt Out form here.

4.  How much can my account be overdrawn?

Overdraft Privilege covers overdrafts up to $500 - $750 including the Overdraft Privilege Fees (depending on your account type). This amount is your responsibility to pay back to the credit union and other fees will apply as long as that balance exists.

5. How does Overdraft Priviledge affect other overdraft protection, such as Member Plus Protection or overdraft from my savings accounts?

Overdraft Privilege will not change your current overdraft protection arrangements. If you selected overdraft from savings or have an additional line of credit (Member Plus Protection), we will first look to pay the item with funds from those sources. If funds are not available in your alternative sources, then Overdraft Privilege may be used to cover the transaction.

6. How do I sign up for Overdraft Privilege?

Overdraft Privilege is a service that is automatically made available to Beacon members when they open a qualified checking account. However, if you would like Overdraft Privilege to also cover your ATM and debit card transactions, you must specifically request this service. If you're not sure whether you're opted in or not, please contact a Beacon representative at 1.800.868.6655.

You can opt in or opt opt out of the Overdraft Privilege Program in the following ways...

7. Can Overdraft Privilege be removed from my account?

Yes, Overdraft Privilege can be removed by your request or can be temporarily or permanently revoked if your account is no longer in good standing or if you abuse the service. The best way to maintain your Overdraft Privilege is to promptly repay any negative balance that results from and Overdraft Privilege transaction. If you wish to remove Overdraft Privilege from your account yourself, see question 6 above.

Return to Overdraft Protection Options page. (LINK)

Avoid Overdrafts With MemberPlus Protection

memberplusMore than 1 in 5 people (21%) have overdrafted their accounts at least once in the past year. Nearly a third of people (31%) that have overdrafted have done it more than 5 times. When those instances occurred, 69% of them were happy that their financial institutions covered the payment. MemberPlus Protection from Beacon Credit Union is something that can help you in case of the occasional or accidental overdraft.

MemberPlus Protection Features:*

  • $500 - $3,000 Credit Limit*
  • Funds are advanced in $100 increments
  • Members may take advances in person
  • Minimum Payment: 3% or $25; whichever is greater.

To open up a Member Plus Overdraft Protection stop by a branch or call 434.237.1566 today!


*Subject to credit approval.

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