What happens when there aren't enough funds in your checking account?
Overdraft / Courtesy Pay Details
Learn more about what happens when there aren't enough funds
in your account.
If on any day, the available balance in your share or deposit account is not sufficient to pay
the full amount of a check, draft, transaction, or other items, plus any applicable fee, that is
posted to your account, we may return the item or pay it as a courtesy for a fee.
An overdraft/courtesy pay fee of $30 will be imposed for each time the credit union provides
the courtesy, as set forth in our Consumer Fee Schedule.
Overdraft fees are capped at $90 maximum per day with no fee charged when your account is
overdrawn by $15 or less.
Magnifi Financial’s overdraft courtesy pay program is at the sole discretion of the credit
union. The credit union may refuse to provide the courtesy on any amounts at any time and from
time to time.
Our standard overdraft services under our overdraft courtesy pay program allow us to authorize
payment for the following types of transactions or items:
Share drafts (or checks) and other items made using your checking account
ACH transactions; and
Other electronic means
We do not offer standard overdraft services (or courtesy pay) for ATM or one-time debit card
transactions. Members have 45 days to repay any negative balance in their share or deposit
Safeguard yourself against overdraft fees by adding this
perk to your checking account.
Ask a Magnifi Financial team member if you qualify for
Overdraft Protection on your accounts.
Credit qualifications may apply.
Join the Magnifi Family!
At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.
Sometimes, sometimes not. If you have already found your vehicle to purchase, we can set up financing right away and you won't need a pre-qualification letter. However, if you get pre-qualified and then shop around for vehicles, we'll send you a pre-qualification letter to bring to dealerships. Some dealerships may also contact us to confirm financing as a business practice.
Your pre-qualification offer is typically valid for 60 days with Magnifi. If we have not heard from you about purchasing a vehicle within those 60 days, then your loan application will be closed and you will need to reapply if you decide to obtain financing after the expiration date.
That's great! Go ahead and fill out an application and we'll help you get the financing together as quickly as possible. If you are working with a dealership, we'll just need the Purchase Agreement and Insurance Card. Our lending staff will help walk through everything with you to get you on the road faster.
We have several methods for you to make your loan payments:
• Magnifi Digital Banking or Mobile App: You can transfer funds from your Magnifi or external checking/savings account into your loan account.
• Online: Use our online loan payment system to set up a single or recurring payment with your debit/credit card or routing/account number.
• Mail: Send a check to: PO Box 232, Glenwood, MN 56334. Please include your Account Number and Loan ID. You will not receive a payment receipt by mail but you can verify the transaction within Digital Banking.
• Branch: Visit any Magnifi location to make a payment.
You can avoid paying as much interest if you make larger or additional payments on your vehicle loan. This will pay down the principal of the loan which means you pay less interest and you could pay off your loan quicker. However, this does not advance your due dates... Meaning, if you make twice the payment amount one month, you will still need to make a payment on the same due date the following month.
Frequently Asked Questions
We have several methods for you to make your loan payments: Magnifi Financial
Internet Banking: You can transfer funds from your Magnifi Financial
checking/savings account into your loan account. Learn more here. Magnifi Financial Mobile
App: You can transfer funds from your Magnifi Financial checking/savings
account into your loan account. Learn more
here. Phone: (888) 330-8482 Pay over the phone with a debit card
or Magnifi Financial account transfer. Mail: PO Box 190, St. Joseph,
MN 56374. Please include your Account Number and Loan ID. You will not receive a payment
receipt by mail but you can verify the transaction within Internet
Banking. Branch: Visit any Magnifi Financial location to make a
Great question! Our members can qualify for membership very easily. You will just need to
work, worship, go to school, or volunteer in one of the 18 counties of our field of
membership. So, when you open your account with us, you will open a one-time $5.00 “Share”
account which makes you a member of Magnifi Financial and an equal owner of our credit
union. And if you ever decide to close your account, you will receive your $5 deposit
back. You can learn more here.
Yes, Magnifi Financial offers additional protection for members to add on to their loans in the event that something unexpected occurs.
Work with your assigned Magnifi Financial team member to discuss the right options for you.