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An overdraft occurs when you don’t have enough money in your checking account to cover a transaction. We know that life is busy and sometimes mistakes happen, so we offer overdraft protection to make your journey a little smoother.

When you open a Red Rocks Free Checking account, it’s automatically linked to your Red Rocks Savings account. If you don’t have enough money in your checking account to cover a transaction, funds from your savings account will automatically be transferred into your checking account. There is a fee for this service, so take advantage of our on-the-go banking tools to help you stay up to date on your account balance!

Our Overdraft Privilege program provides additional protection for your checking account, or you can choose to link an Overdraft Line of Credit to your checking account as a backup plan.

Ways to Cover Your OverdraftsCost for Each Overdraft
Good account management$0
Link to savings account$5.00 fee per transfer
Overdraft line of credit$5.95 fee + interest on advanced amount
Overdraft Privilege$30.00 fee per overdraft

If your account is overdrawn and there’s not enough money to transfer from your savings account to cover the transaction, Red Rocks may elect to pay the overdraft transactions up to $750.00 for a transaction fee. This is a discretionary service offered to eligible* members.

Standard Overdraft Privilege (ODP) enrollment occurs automatically when you open your checking account. Standard ODP covers the following transactions:

  • Written checks
  • Electronic payments made using your checking account number
  • Online bill payments
  • Recurring debit card transactions (like a monthly phone bill)

Extended Overdraft Privilege (ODP) is optional and can be added to your account at any time. Extended ODP can be added to your account to cover:

  • ATM transactions
  • One-time debit card transactions

The same fees occur with Extended Overdraft Privileges as with Standard Overdraft Privileges, and it is not guaranteed that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your check, debit card or ACH transaction will be returned as a “non-sufficient funds” transaction.

Add Extended ODP

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If you would prefer to opt-out of ODP all together, you can do this by calling (303) 471-7625 or emailing to notify us of your preference.

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*Subject to eligibility. Overdraft Privilege eligibility requirements are as follows: 1) You are at least 18 years of age, 2) Your checking account balance must not be negative for more than 30 calendar days; and 3) You must be in good standing, which means no delinquent or charged off loans or charged off share accounts with Red Rocks Credit Union, and you do not have any bankruptcies, levies or garnishments on your account. We may not pay items under your overdraft privilege if you do not meet these eligibility requirements.

Another way to protect your checking account from becoming overdrawn is by opening an overdraft line of credit. If your checking account falls below a zero balance, funds from your line of credit will be used to cover the transaction no matter what type of transaction it is. Overdraft Privilege will only be used if your overdraft protection line of credit has been exhausted.

With an overdraft line of credit, you’ll have peace of mind knowing that your purchases won’t be rejected due to insufficient funds. This is a great option if you’re somebody who frequently overdraws their account because it’s less expensive than relying on Overdraft Privilege. When an overdraft occurs, it will be covered by your line of credit first and your savings account will serve as a back-up only if needed.

  • Covers up to $750 per month
  • $5.95 fee for each month funds from your line of credit are accessed
  • Overdraft line of credit cannot be used for any other purpose

To apply for an overdraft line of credit, please call us at (303) 471-7625 or visit one of our branches. Overdraft line of credit is subject to credit approval.

Current Rates

Annual Percentage Rate (APR)Term
Variable - Prime plus 12.00%N/A

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