How to Get $200 Overdraft on Current
Learn how to access Current's $200 no-fee overdraft. This guide covers effective utilization for improved financial flexibility.
Current offers a feature called Overdrive, which functions as a no-fee overdraft protection for its users. This service covers small, unexpected shortfalls in your account balance when making purchases with your Current debit card. Overdrive prevents transaction declines and provides a financial safety net. It automatically covers the difference up to an approved limit, helping users manage their spending effectively.
Meeting Eligibility Requirements
To qualify for Current’s Overdrive feature, individuals must meet criteria based on consistent account activity. Requirements include having an active Current account in good standing and being at least 18 years of age.
A consistent direct deposit history is also required. Users typically need to receive at least $500 in qualified direct deposits into their Current account over each 30-day period. These qualifying deposits generally include Automated Clearing House (ACH) direct deposits from an employer, payroll provider, or government benefits. Bank ACH transfers, peer-to-peer payments, mobile check deposits, and cash deposits do not typically count towards this qualification. Eligibility is continuously assessed based on account activity and direct deposit patterns.
Activating and Utilizing the Overdraft Feature
Once an account becomes eligible for Overdrive, Current notifies the user to enable the feature. Activating Overdrive within the Current mobile application is simple. Users can navigate to the “You” section of their app and locate the “Overdraft Protection” or “Overdrive” setting. Tapping this option toggles the feature on.
After activation, Overdrive automatically functions when a debit card transaction attempts to exceed the available balance. If a purchase would overdraw the account, Overdrive covers the difference up to the user’s approved limit. This automatic coverage applies to in-store or online transactions made with the Current debit card. However, it does not extend to ATM withdrawals, peer-to-peer payments, or ACH payments. Current provides push notifications to keep users informed about their Overdrive usage and remaining limit.
Managing and Repaying Overdraft Balances
Managing an Overdrive balance is integrated into the Current account system. When Overdrive is utilized, the overdrawn amount is automatically repaid from the next qualifying direct deposit or other incoming funds to the account. This ensures the negative balance is cleared.
Current’s Overdrive feature is entirely free of overdraft fees. The initial Overdrive limit typically starts at $25, but it can increase up to $200. The specific limit for each user is determined by Current based on factors such as account activity, direct deposit history, and other internal risk assessments. Current periodically reviews accounts and automatically adjusts Overdrive limits, notifying users of any changes via email or push notification.