Your overdrafts will automatically get covered when funds are deposited into your Albert Cash account.
Instant overdraft balances can be covered by depositing funds into your Albert Cash account to bring your Albert Cash balance to $0 or more.
- When you receive your direct deposit in Albert Cash, transfer funds from an external account into Albert Cash, or receive a Smart Money deposit, the deposited funds will be used to cover any overdrafts first.
- Any funds in your other Albert accounts may also be used for automatic coverage of your overdrafts.
Overdraft grace periods
There’s a 6 day grace period from when you initially overdraft your Albert Cash account. As necessary, you may also request up to a 7 day extension to your grace period in the app.
If your overdrafts are not covered within the agreed upon grace period, you may be suspended from accessing additional overdrafts:
- If your overdraft is covered within 15 days after the end of the grace period, the suspension may be lifted when your covering deposits are completed.
- If your overdraft is covered more than 15 days after the end of the grace period, access to Instant overdraft coverage may be suspended for 30 days or more from when your covering deposits are completed.
- If your overdraft is covered more than 30 days after the end of the grace period, access to Instant overdraft coverage may be suspended for 90 days or more from the day your covering deposits complete.
For example, if you overdraft your account on Jan 1 by $10, and on Jan 2 overdraft your account by an additional $10, for a total of $20:
- If you make a covering deposit for the full $20 on Jan 3, and subsequently take out an additional $10 overdraft on Jan 4, your grace period would end on Jan 10
- However, if you did not make a covering deposit, and made the subsequent overdraft on Jan 4, your grace period would end on Jan 7.