Savings Backup and Fee-Free Overdraft Protection
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In this article
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In this article
What is Savings Backup?#
Savings Backup moves available funds from your primary Savings balance when your Checking balance is insufficient to cover a transaction. If enabled, Savings Backup covers OnePay Debit Card and Builder Card purchases (including OnePay Wallet purchases with your OnePay Debit Card or Builder Card), ATM withdrawals, and ACH transfers initiated from external bank accounts. There are no fees or interest charges to use Savings Backup. Savings Backup can be turned on or off in Savings Backup & Fee-Free Overdraft settings from the Banking screen.
How do I use Savings Backup?#
If Savings Backup is enabled and you make a purchase using your OnePay Debit Card or another covered transaction without sufficient funds to complete it in your Checking balance, Savings Backup will automatically move available funds from your primary Savings balance to cover the transaction. If the underlying purchase is pending, Savings Backup will hold the available funds in your primary Savings balance until the transaction posts, then the funds will be moved.
Savings Backup is available to all customers who bank through OnePay and is automatically enabled for newly onboarded OnePay deposit account customers.
How do I turn Savings Backup on or off?#
You can turn Savings Backup on or off by following the steps:
Select Checking or Savings
Tap the setting icon in the upper-right corner
Select Savings Backup & Overdraft
Toggle Savings Backup OFF/ON
Is there a Savings Backup limit?#
Savings Backup will cover transactions up to your available balance in your primary Savings. If there are insufficient funds in both your Checking balance and primary Savings balance, transactions will be declined unless you have Fee-Free Overdraft Protection enabled with a sufficient limit.
What is Fee-Free Overdraft Protection?#
Yes, OnePay offers Fee-Free Overdraft Protection to eligible customers who are 18 years or older and receive $500 or more in monthly direct deposits. Fee-Free Overdraft Protection (up to the available limit) allows you to complete a transaction even if your Checking balance is insufficient. Fee-Free Overdraft Protection is automatically enabled for customers who receive $500 or more in monthly direct deposits.
There are no fees or interest charged to use Fee-Free Overdraft Protection, but any funds covered by Fee-Free Overdraft Protection are due right away and will automatically be repaid the next time money is added to your Checking balance. If the negative balance is not paid, funds may be transferred automatically from another pocket with a positive balance to cover the negative balance. Additionally, you may also no longer be eligible for future products and features offered by OnePay.
Transactions eligible for Fee-Free Overdraft Protection are at the discretion of OnePay and may exclude certain transactions(e.g. Bill Pay, Global Transfers, ACH transfers and peer-to-peer transfers like Venmo, Cash App, and PayPal)
How can I get Overdraft Protection?#
All customers who are 18 years or older and receive $500 or more in monthly direct deposits are eligible for Fee-Free Overdraft Protection. If you are eligible, Fee-Free Overdraft Protection will automatically be turned on for your account.
You can turn Fee-Free Overdraft Protection on or off at any time:
Tap on Checking or Savings
Tap the setting icon in the upper-right corner
Select Savings Backup & Overdraft
Turn Fee-Free Overdraft Protection OFF/ON
You can also tap here to turn Fee-Free Overdraft Protection ON or OFF in the OnePay app.
If you no longer receive $500 or more in monthly direct deposits, you will no longer be eligible for Fee-Free Overdraft protection until you meet the requirements again.
What is my Overdraft Protection limit?#
To locate your current Fee-Free Overdraft Protection limit in the OnePay app:
Tap on Checking or Savings
Tap the setting icon in the upper-right corner
Select Savings Backup & Overdraft
You can also tap here to see your Fee-Free Overdraft Protection limit.
Your Fee-Free Overdraft Protection limit may increase over time if you continue to receive qualifying direct deposits into your OnePay deposit account on a regular basis. Eligibility and limit increases are determined automatically based on your account activity.
Will Overdraft Protection work with my OnePay Wallet transactions?#
If enabled, Fee-Free Overdraft Protection will kick in when using your OnePay Debit Card or Builder Card for OnePay Wallet transactions that would bring your available balance below $0.
Do Savings Backup and Fee-Free Overdraft Protection work together?#
Yes. Customers who are 18 years or older and receive $500 or more in monthly direct deposits can have both Savings Backup and Fee-Free Overdraft Protection enabled. If you have both features turned on and a transaction is greater than your Checking balance, Savings Backup will be used first. Fee-Free Overdraft Protection (up to the available limit) will be used to cover the transaction once the Savings balance is exhausted.