Live Better by Centric FCU
Live Better by Centric FCU
You Down with ODP? Financial Tips from Centric's Expert
Ever wondered how a simple overdraft privilege can be a financial game-changer? Join me, Kelli Green, on the latest episode of the Live Better podcast by Centric, where I sit down with Whitley Johnson, Centric's seasoned Overdraft Coordinator, to uncover the secrets of managing financial crunches with ease. Whitley, who has been a cornerstone at Centric for nearly nine years, shares her expert insights on how the Overdraft Privilege Program can step in to cover unexpected expenses, from gas to daycare payments, without the long-term strings attached.
In this episode, we explore how Centric is innovating to make financial management more accessible, including their thoughtful approach to waiving fees for overdrafts under $5. Whether it's those sneaky Apple subscriptions or a quick snack from the vending machine, small transactions no longer need to be a burden. Learn how this program can serve as a lifeline during financially tight times, offering a practical alternative to the high costs and embarrassment often associated with payday lenders. Tune in for valuable tips and real-life stories that illustrate how overdraft privilege can be a smart tool for living better.
For more information related to our Overdraft Privilege Program you may learn more here.
Welcome back to an episode of the Live Better podcast by Centric. I'm your host, kelly Green. I'm so excited that you're here with us. Every month we post a new episode where I am joined by a guest to chat about finances and all things living better. Subscribe today so that you never miss an episode. Today we are joined by Whitley Johnson, centric's Overdrive Coordinator, to discuss the benefits of Overdrive offered to our members. Hi, whitley, centric's Overdraft Coordinator, to discuss the benefits of Overdraft offered to our members. Hi, whitley, hi, kelly, thanks for having me. So I'm so excited that you are the expert on all things Overdraft. But before we get started into what you do each and every day here at Centric, would you tell our listeners a little bit about who you are and just give us a little bit of background into Whitley?
Speaker 2:Okay, so again, my name's Whitley Johnson. I've been with Centric for almost nine years and I've worked from CSR and found my way into Overdraft now. So, back at home, I've got two girls and one boy and a husband and just living the dream.
Speaker 1:We had talked earlier about cheerleading, yes, so are both of your girls involved in cheerleading?
Speaker 2:Yes, they are peewee cheerleading, if you can imagine.
Speaker 1:I bet they probably keep you running from here and there.
Speaker 2:Yes, Along with a three-year-old boy.
Speaker 1:there's lots of running yes, but I bet they probably try to mama your son many, many times, absolutely telling what to do. Yes, but that's so sweet, though he will grow up and just be so appreciative of them. I know that's so sweet in time he will.
Speaker 1:Yes, it may take a few years for him to appreciate it, for sure, right? Well, whitley, I just wanted to share with you. Just in our conversation you made me aware of the opportunity that overdraft can really offer our members. So just for our listeners who may not know what overdraft really is, we have a program that's called our Overdraft Privilege Program here at Centric. So can you tell us I know it's kind of two different options essentially Would you mind just kind of telling us about what it is that we offer here at Centric, what is overdraft?
Speaker 2:privilege. Overdraft privilege is where Centric steps in and allows payments on those purchases for a small fee.
Speaker 1:I love that and it really and truly overdraft privilege can really help. It helps our members really when maybe they have more month left Absolutely. Than their paycheck? Yes, so what are some things that you've seen just in having conversations with our members? What are they using overdraft privilege for?
Speaker 2:Gracious. There's so many different avenues that you could go, whether it be just having gas to make Friday, there's utility bills, there's daycare payments, so anything that is needed. That's what overdraft is for.
Speaker 1:So with the increase, and maybe even the increase of cost of living, do you say that more of our members are looking for resources like overdraft privilege?
Speaker 2:Absolutely. They're calling in hopes for a personal loan, not even knowing that we have overdraft, versus a payday lender, so to speak. You know, you've got those long-term commitments with them. With us it's a $28 fee and there's no embarrassment.
Speaker 1:That's right. Something that you just mentioned, too, is saying that there's a $28 fee, and so something that we're offering now is if, say that you have a transaction on your debit card that is under $5, but yet you didn't have, say, maybe you have $3 in your account, but you're you charged $5. Right, centric is no longer charging a fee for those small transactions, so that is something that's very helpful.
Speaker 2:Absolutely those Apple subscriptions that creep in or a vending that's very helpful. Absolutely those Apple subscriptions that creep in or a vending machine here or there.
Speaker 1:Absolutely. It can really be incredibly costly, and so I love that you and your team have come up with this opportunity to say hey, let's give our members a break. Yes, for these smaller transactions. You are no longer charged any sort of overdraft fee. For those transactions at $5 or less yes, that's great.
Speaker 2:Well, and two, there's so much already that you're trying to catch up with $28, you know is a lot for some that are already living paycheck to paycheck.
Speaker 1:That's right. One thing, too, I really want to make sure and sometimes our members are aware of this and sometimes they are not but if our members know that maybe there is an additional expense, like we have recently just come out of back to school, going into the holidays, kind of thing people maybe need additional funds. They may also think the only option for them is a payday loan Right, when, in essence, that is not the case. Right option for them is a payday loan Right when, in essence, that is not the case, right. So would you mind sharing you know? I know we've had a conversation a little bit about members have the ability. So say, if, whatever their overdraft privilege amount is, whatever amount that might be could be $400, $800, whatever that looks like for them they have the ability to come and withdraw that amount and pay a one-time fee per month. Is that correct?
Speaker 2:Yes, okay, tell us about that, especially if you're already budgeting with us, you can already make those payments plans for just a one-time $28 fee, versus allowing it to come through and then something else and you know all the unplans. It's better to have that budget.
Speaker 1:And if you are able just to withdraw that out and pay that single fee, that's so much better than swiping your card and being charged a fee each time. That really adds up. So, literally, I can come in if I have approved overdraft privilege on my account and I can withdraw my amount essentially for a one time fee. That's great. Yes, that's outstanding. So tell us, like if we were interested in be you know, setting up with overdraft privilege, how we've talked about the $400 and $800 limit, what really determines that it's all based on income and deposits once you have here at Centric.
Speaker 2:So the more relationship that we have with you, the better we can understand and the better we can benefit you with those limits.
Speaker 1:So when you mentioned the deposits, talk to us a little bit about that. As far as the 400 and 800 is concerned, what does that look?
Speaker 2:like. So if you have a direct deposit with us, of course you're more eligible for the $800 limit, but if you just have, say, your employer doesn't do direct deposit, we can take that into consideration. You're more than likely going to be placed with a $400 limit, but again, we can go through and just see what's best for you.
Speaker 1:Sure. So, for example, what are some things that you would do to really identify what would be best for the member?
Speaker 2:Say that you have a thousand dollar weekly paycheck, then of course you would be eligible for the $800 limit. If you lean into overdraft a little bit further and find yourself in a cycle, we have options for that as well.
Speaker 1:So when you say if members lead themselves into a cycle, meaning In that negative cycle, yes, yes, and it's almost as if they can't catch up Right, what are some opportunities, or maybe solutions, that you and your team offer our members?
Speaker 2:We do have a repayment plan here at Centric. It's called our Fresh Start and that is exactly what it says. It is a fresh start for your checking account. It's a four-month payment plan. You still keep your checking account, Everything flows as normal. The overdraft is reduced at that time for your limit, but you're making payments towards that balance and again it just gets you out of that cycle. And are there any fees to get that started? Absolutely not. It is a free service to our members here.
Speaker 1:That is a free service, yes, free service. So, before anyone that is listening and they may feel like, wow, you know, I'm really I'm not making enough to really make ends meet and I need some help, the first thing they need to do is call Sendrick Absolutely yes Phone. Yes Phone, a friend, phone a friend. And that's who we are, you and your team. You have the ability to really talk through what are some options for them, and that's critical. These are things that would save members hundreds and in some cases, when you look at it over a whole year, thousands of dollars.
Speaker 1:So let us talk to you about this. Thousands of dollars, right? So let us talk to you about this. You know, let's see what your circumstance really is and figure out what what we can do to get you out from under this continuous cycle, maybe thinking that payday loans or personal loans even are your only solution.
Speaker 1:Really and truly, when we can take a look at this on a month-to-month basis and even sitting down with one of our financial counselors, which is free, that's an opportunity for you to create a budget free, completely free, and work through that. I love when you mention this Fresh Start Loan, that it's a complete free service and if you get a little, you know, say you've had some situations could be illness, job loss, some other things that may have caused you to say, hey, I kind of got out of line with my budget, a little bit kind of in over my head, right. Absolutely, yeah, the fresh start is really an opportunity for for us to kind of see the light of day yes, yeah, just think three overdrive fees, that's 84 whenever you're already trying, I mean that could take you under.
Speaker 2:So absolutely, the Fresh Start can step in and be that for you.
Speaker 1:Oh, I love that. That's so great and literally all it takes is a phone call. Yes, that's it. So the real benefits for our members. Something to think about is that if you really want to maximize overdraft privilege, there is something to really think about with direct deposit. So in direct deposit at Centric, we pay you up to two to even sometimes three days sooner than what your normal payday is right.
Speaker 2:Isn't that not amazing?
Speaker 1:Our typical payday here at Centric is every other Friday, but we typically receive our paycheck on Wednesday, so that's like payday for us. So when you have your direct deposit set up with here at Centric, there are many benefits. And when we're talking about that specifically related to overdraft, that really helps us understand okay, based upon your deposit amount, it allows us to say, okay, this is what you would be able to afford should you need to dip into your overdraft, right. So I think that is fantastic. Well, listen, we're coming up on time right now. Whitley and I just wanted to thank you so much, really and truly, for sharing this information with our members. This is great.
Speaker 2:You're so welcome. Thank you so much for having me, but this is a game changer for our members.
Speaker 1:It is, and I love just hearing what our members say about this program, how it has genuinely saved them. It's prevented embarrassment of having maybe a debit card transaction declined when they're at checkout, or maybe if it's a recurring debit, too, that's set up. You know, recurring ACH, might, utility bills you spoke to that. These are some things that you can apply to your account that doesn't cost you anything if you don't use it, right, right, but it's good for you if you're ever in a pinch. You never know.
Speaker 1:And so, um, if any of our listeners are interested in learning more about this, you can always visit us online at mycentricorg to learn more. But you have the ability to talk to Whitley every day if you want to, and have a conversation with her and just share what it is that might be best for our members. So, whitley, thank you, thank you. Thank you so much for this. Well, thank you all for listening to our podcast and we want you to tune back in next month for another episode of our Live Better podcast. Don't forget to subscribe to your favorite podcast platform and to ensure you never miss out on helpful tips, like us on Facebook at Centric Federal Credit Union and find us at MyCentric, on Instagram, pinterest, tiktok and YouTube. You can find information about today's topic on our monthly blog at, and more at, mycentricorg. Remember, centric is federally insured by the NCUA.