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Arkansas Federal Credit Union

Category: Links — Thursday, September 6, 2007

Arkansas Federal Credit Union (AFCU) offers military members an excellent payday loan alternative in the form of Military Checking Account Overdraft Privilege…

Instead of falling prey to overdraft “profiteering” at banks or expensive payday loans, overdraft privilege lets military members write checks of up to $500 for the low price of $3.45 every two weeks. That works out to an Annual Percentage Rate (APR) of 18%.

Compared to bounced checks from banks (which cost $25 or more) or loans from payday lenders (which usually have an APR ranging from 391% - 782%), this Overdraft Privilege protection is a blessing, not a burden.

Military Checking Account Overdraft Privilege is offered at the following terms:

  • $500
  • 14 days
  • $3.45 fee
  • 18.00% APR

Membership requirements include:

  • military personnel stationed at Little Rock Air Force Base, Camp Pike, Camp Robinson or Fort Chaffee
  • military reservists and national guardsmen throughout Arkansas
  • immediate family members of current members

From their website:

…if you need some extra cash to get you to your next payday, simply use your overdraft privilege from your AFCU Military Checking account by writing checks up to $500. Your overdrafts will be paid from your Overdraft Privilege account at an Annual Percentage Rate of 18.00% APR.

AFCU has offices throughout Arkansas.

Arkansas Federal Credit Union (External Link)
(https://www.afcu.org/)

For more information about credit unions, please read Credit Unions in our Payday Loan Alternatives category.

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