Overdraft Protection

Advanced technology hasn't found a way to eliminate all human error. So, you may still want overdraft protection to provide that extra assurance against bouncing an important check. If you never use it, it costs you nothing.

Bank of Internet offers two forms of overdraft protection: a line of credit and a link to another Bank of Internet account.

An overdraft line of credit protects your account by advancing funds to your checking account as needed to cover a required difference up to the limit of your line of credit. Unlike many other banks, Bank of Internet does not charge advance fees.

You can apply for a line of credit when setting up a new account online or later at your own convenience.

For accounts you have already opened, click here to view and print the application form. Then fax or mail it to the address listed on the form for bank approval.

You can also set up overdraft protection by linking your checking account to a savings or money market account. For a minimal transfer fee, the arrangement uses the balance in the linked account to cover a shortfall in your checking account up to the full balance of the linked account.

To set this up, simply log into your account and send us a secure message indicating the last 5 digits of the two account numbers you would like to have linked together. Regulations limit savings and money markets accounts to a maximum of 6 transactions per month.

However, you can transfer funds between your accounts anytime for free, and as often as you like by using BofI's Transfer Funds feature after logging into your account.