September 18, 2024 • 12 mins
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.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
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 herewith us.
Every month we post a newepisode where I am joined by a
guest to chat about finances andall things living better.
Subscribe today so that younever miss an episode.
Today we are joined by WhitleyJohnson, centric's Overdrive
(00:22):
Coordinator, to discuss thebenefits of Overdrive offered to
our members.
Hi, whitley, centric'sOverdraft Coordinator, to
discuss the benefits ofOverdraft offered to our members
.
Hi, whitley, hi, kelly, thanksfor having me.
So I'm so excited that you arethe expert on all things
Overdraft.
But before we get started intowhat you do each and every day
here at Centric, would you tellour listeners a little bit about
who you are and just give us alittle bit of background into
(00:45):
Whitley?
Speaker 2 (00:46):
Okay, so again, my name's Whitley Johnson.
I've been with Centric foralmost nine years and I've
worked from CSR and found my wayinto Overdraft now.
So, back at home, I've got twogirls and one boy and a husband
and just living the dream.
Speaker 1 (01:05):
We had talked earlier about cheerleading, yes, so are
both of your girls involved incheerleading?
Speaker 2 (01:10):
Yes, they are peewee cheerleading, if you can imagine
.
Speaker 1 (01:15):
I bet they probably keep you running from here and
there.
Speaker 2 (01:18):
Yes, Along with a three-year-old boy.
Speaker 1 (01:21):
there's lots of running yes, but I bet they
probably try to mama your sonmany, 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 timehe will.
Yes, it may take a few years forhim to appreciate it, for sure,
right?
Well, whitley, I just wanted toshare with you.
(01:43):
Just in our conversation youmade me aware of the opportunity
that overdraft can really offerour members.
So just for our listeners whomay not know what overdraft
really is, we have a programthat's called our Overdraft
Privilege Program here atCentric.
So can you tell us I know it'skind of two different options
essentially Would you mind justkind of telling us about what it
(02:05):
is that we offer here atCentric, what is overdraft?
Speaker 2 (02:07):
privilege.
Overdraft privilege is whereCentric steps in and allows
payments on those purchases fora small fee.
Speaker 1 (02:18):
I love that and it really and truly overdraft
privilege can really help.
It helps our members reallywhen maybe they have more month
left Absolutely.
Than their paycheck?
Yes, so what are some thingsthat you've seen just in having
conversations with our members?
What are they using overdraftprivilege for?
Speaker 2 (02:36):
Gracious.
There's so many differentavenues that you could go,
whether it be just having gas tomake Friday, there's utility
bills, there's daycare payments,so anything that is needed.
That's what overdraft is for.
Speaker 1 (02:53):
So with the increase, and maybe even the increase of
cost of living, do you say thatmore of our members are looking
for resources like overdraftprivilege?
Speaker 2 (03:01):
Absolutely.
They're calling in hopes for apersonal loan, not even knowing
that we have overdraft, versus apayday lender, so to speak.
You know, you've got thoselong-term commitments with them.
With us it's a $28 fee andthere's no embarrassment.
Speaker 1 (03:18):
That's right.
Something that you justmentioned, too, is saying that
there's a $28 fee, and sosomething that we're offering
now is if, say that you have atransaction on your debit card
that is under $5, but yet youdidn't have, say, maybe you have
$3 in your account, but you'reyou charged $5.
(03:39):
Right, centric is no longercharging a fee for those small
transactions, so that issomething that's very helpful.
Speaker 2 (03:43):
Absolutely those Apple subscriptions that creep
in or a vending that's veryhelpful.
Absolutely those Applesubscriptions that creep in or a
vending machine here or there.
Speaker 1 (03:49):
Absolutely.
It can really be incrediblycostly, and so I love that you
and your team have come up withthis opportunity to say hey,
let's give our members a break.
Yes, for these smallertransactions.
You are no longer charged anysort of overdraft fee.
For those transactions at $5 orless yes, that's great.
Speaker 2 (04:09):
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 paycheckto paycheck.
Speaker 1 (04:20):
That's right.
One thing, too, I really wantto make sure and sometimes our
members are aware of this andsometimes they are not but if
our members know that maybethere is an additional expense,
like we have recently just comeout of back to school, going
into the holidays, kind of thingpeople maybe need additional
funds.
They may also think the onlyoption for them is a payday loan
(04:41):
Right, when, in essence, thatis not the case.
Right option for them is apayday loan Right when, in
essence, that is not the case,right.
So would you mind sharing youknow?
I know we've had a conversationa little bit about members have
the ability.
So say, if, whatever theiroverdraft privilege amount is,
whatever amount that might becould be $400, $800, whatever
that looks like for them theyhave the ability to come and
(05:02):
withdraw that amount and pay aone-time fee per month.
Is that correct?
Speaker 2 (05:07):
Yes, okay, tell us about that, especially if you're
already budgeting with us, youcan already make those payments
plans for just a one-time $28fee, versus allowing it to come
through and then something elseand you know all the unplans.
It's better to have that budget.
Speaker 1 (05:27):
And if you are able just to withdraw that out and
pay that single fee, that's somuch better than swiping your
card and being charged a feeeach time.
That really adds up.
So, literally, I can come in ifI have approved overdraft
privilege on my account and Ican withdraw my amount
essentially for a one time fee.
That's great.
(05:48):
Yes, that's outstanding.
So tell us, like if we wereinterested in be you know,
setting up with overdraftprivilege, how we've talked
about the $400 and $800 limit,what really determines that it's
all based on income anddeposits once you have here at
Centric.
Speaker 2 (06:05):
So the more relationship that we have with
you, the better we canunderstand and the better we can
benefit you with those limits.
Speaker 1 (06:12):
So when you mentioned the deposits, talk to us a
little bit about that.
As far as the 400 and 800 isconcerned, what does that look?
Speaker 2 (06:21):
like.
So if you have a direct depositwith us, of course you're more
eligible for the $800 limit, butif you just have, say, your
employer doesn't do directdeposit, we can take that into
consideration.
You're more than likely goingto be placed with a $400 limit,
but again, we can go through andjust see what's best for you.
Speaker 1 (06:42):
Sure.
So, for example, what are somethings that you would do to
really identify what would bebest for the member?
Speaker 2 (06:49):
Say that you have a thousand dollar weekly paycheck,
then of course you would beeligible for the $800 limit.
If you lean into overdraft alittle bit further and find
yourself in a cycle, we haveoptions for that as well.
Speaker 1 (07:07):
So when you say if members lead themselves into a
cycle, meaning In that negativecycle, yes, yes, and it's almost
as if they can't catch up Right, what are some opportunities,
or maybe solutions, that you andyour team offer our members?
Speaker 2 (07:22):
We do have a repayment plan here at Centric.
It's called our Fresh Start andthat is exactly what it says.
It is a fresh start for yourchecking account.
It's a four-month payment plan.
You still keep your checkingaccount, Everything flows as
normal.
The overdraft is reduced atthat time for your limit, but
you're making payments towardsthat balance and again it just
(07:45):
gets you out of that cycle.
And are there any fees to getthat started?
Absolutely not.
It is a free service to ourmembers here.
Speaker 1 (07:52):
That is a free service, yes, free service.
So, before anyone that islistening and they may feel like
, wow, you know, I'm really I'mnot making enough to really make
ends meet and I need some help,the first thing they need to do
is call Sendrick Absolutely yesPhone.
Yes Phone, a friend, phone afriend.
And that's who we are, you andyour team.
(08:14):
You have the ability to reallytalk through what are some
options for them, and that'scritical.
These are things that wouldsave members hundreds and in
some cases, when you look at itover a whole year, thousands of
dollars.
So let us talk to you about this.
Thousands of dollars, right?
So let us talk to you aboutthis.
You know, let's see what yourcircumstance really is and
figure out what what we can doto get you out from under this
(08:37):
continuous cycle, maybe thinkingthat payday loans or personal
loans even are your onlysolution.
Really and truly, when we cantake a look at this on a
month-to-month basis and evensitting down with one of our
financial counselors, which isfree, that's an opportunity for
you to create a budget free,completely free, and work
(08:59):
through that.
I love when you mention thisFresh Start Loan, that it's a
complete free service and if youget a little, you know, say
you've had some situations couldbe illness, job loss, some
other things that may havecaused you to say, hey, I kind
of got out of line with mybudget, a little bit kind of in
over my head, right.
Absolutely, yeah, the freshstart is really an opportunity
(09:20):
for for us to kind of see thelight of day yes, yeah, just
think three overdrive fees,that's 84 whenever you're
already trying, I mean thatcould take you under.
Speaker 2 (09:32):
So absolutely, the Fresh Start can step in and be
that for you.
Speaker 1 (09:36):
Oh, I love that.
That's so great and literallyall it takes is a phone call.
Yes, that's it.
So the real benefits for ourmembers.
Something to think about isthat 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 thanwhat your normal payday is
(09:58):
right.
Speaker 2 (09:59):
Isn't that not amazing?
Speaker 1 (10:01):
Our typical payday here at Centric is every other
Friday, but we typically receiveour paycheck on Wednesday, so
that's like payday for us.
So when you have your directdeposit set up with here at
Centric, there are many benefits.
And when we're talking aboutthat specifically related to
overdraft, that really helps usunderstand okay, based upon your
(10:21):
deposit amount, it allows us tosay, okay, this is what you
would be able to afford shouldyou need to dip into your
overdraft, right.
So I think that is fantastic.
Well, listen, we're coming upon time right now.
Whitley and I just wanted tothank you so much, really and
truly, for sharing thisinformation with our members.
This is great.
Speaker 2 (10:40):
You're so welcome.
Thank you so much for having me, but this is a game changer for
our members.
Speaker 1 (10:45):
It is, and I love just hearing what our members
say about this program, how ithas genuinely saved them.
It's prevented embarrassment ofhaving maybe a debit card
transaction declined whenthey'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
(11:06):
.
These are some things that youcan apply to your account that
doesn't cost you anything if youdon't use it, right, right, but
it's good for you if you'reever in a pinch.
You never know.
And so, um, if any of ourlisteners are interested in
learning more about this, youcan always visit us online at
mycentricorg to learn more.
But you have the ability totalk to Whitley every day if you
(11:28):
want to, and have aconversation with her and just
share what it is that might bebest for our members.
So, whitley, thank you, thankyou.
Thank you so much for this.
Well, thank you all forlistening to our podcast and we
want you to tune back in nextmonth for another episode of our
Live Better podcast.
Don't forget to subscribe toyour favorite podcast platform
(11:51):
and to ensure you never miss outon helpful tips, like us on
Facebook at Centric FederalCredit Union and find us at
MyCentric, on Instagram,pinterest, tiktok and YouTube.
You can find information abouttoday's topic on our monthly
blog at, and more at,mycentricorg.
Remember, centric is federallyinsured by the NCUA.
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 herewith us.
Every month we post a newepisode where I am joined by a
guest to chat about finances andall things living better.
Subscribe today so that younever miss an episode.
Today we are joined by WhitleyJohnson, centric's Overdrive
(00:22):
Coordinator, to discuss thebenefits of Overdrive offered to
our members.
Hi, whitley, centric'sOverdraft Coordinator, to
discuss the benefits ofOverdraft offered to our members
.
Hi, whitley, hi, kelly, thanksfor having me.
So I'm so excited that you arethe expert on all things
Overdraft.
But before we get started intowhat you do each and every day
here at Centric, would you tellour listeners a little bit about
who you are and just give us alittle bit of background into
(00:45):
Whitley?
Speaker 2 (00:46):
Okay, so again, my name's Whitley Johnson.
I've been with Centric foralmost nine years and I've
worked from CSR and found my wayinto Overdraft now.
So, back at home, I've got twogirls and one boy and a husband
and just living the dream.
Speaker 1 (01:05):
We had talked earlier about cheerleading, yes, so are
both of your girls involved incheerleading?
Speaker 2 (01:10):
Yes, they are peewee cheerleading, if you can imagine
.
Speaker 1 (01:15):
I bet they probably keep you running from here and
there.
Speaker 2 (01:18):
Yes, Along with a three-year-old boy.
Speaker 1 (01:21):
there's lots of running yes, but I bet they
probably try to mama your sonmany, 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 timehe will.
Yes, it may take a few years forhim to appreciate it, for sure,
right?
Well, whitley, I just wanted toshare with you.
(01:43):
Just in our conversation youmade me aware of the opportunity
that overdraft can really offerour members.
So just for our listeners whomay not know what overdraft
really is, we have a programthat's called our Overdraft
Privilege Program here atCentric.
So can you tell us I know it'skind of two different options
essentially Would you mind justkind of telling us about what it
(02:05):
is that we offer here atCentric, what is overdraft?
Speaker 2 (02:07):
privilege.
Overdraft privilege is whereCentric steps in and allows
payments on those purchases fora small fee.
Speaker 1 (02:18):
I love that and it really and truly overdraft
privilege can really help.
It helps our members reallywhen maybe they have more month
left Absolutely.
Than their paycheck?
Yes, so what are some thingsthat you've seen just in having
conversations with our members?
What are they using overdraftprivilege for?
Speaker 2 (02:36):
Gracious.
There's so many differentavenues that you could go,
whether it be just having gas tomake Friday, there's utility
bills, there's daycare payments,so anything that is needed.
That's what overdraft is for.
Speaker 1 (02:53):
So with the increase, and maybe even the increase of
cost of living, do you say thatmore of our members are looking
for resources like overdraftprivilege?
Speaker 2 (03:01):
Absolutely.
They're calling in hopes for apersonal loan, not even knowing
that we have overdraft, versus apayday lender, so to speak.
You know, you've got thoselong-term commitments with them.
With us it's a $28 fee andthere's no embarrassment.
Speaker 1 (03:18):
That's right.
Something that you justmentioned, too, is saying that
there's a $28 fee, and sosomething that we're offering
now is if, say that you have atransaction on your debit card
that is under $5, but yet youdidn't have, say, maybe you have
$3 in your account, but you'reyou charged $5.
(03:39):
Right, centric is no longercharging a fee for those small
transactions, so that issomething that's very helpful.
Speaker 2 (03:43):
Absolutely those Apple subscriptions that creep
in or a vending that's veryhelpful.
Absolutely those Applesubscriptions that creep in or a
vending machine here or there.
Speaker 1 (03:49):
Absolutely.
It can really be incrediblycostly, and so I love that you
and your team have come up withthis opportunity to say hey,
let's give our members a break.
Yes, for these smallertransactions.
You are no longer charged anysort of overdraft fee.
For those transactions at $5 orless yes, that's great.
Speaker 2 (04:09):
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 paycheckto paycheck.
Speaker 1 (04:20):
That's right.
One thing, too, I really wantto make sure and sometimes our
members are aware of this andsometimes they are not but if
our members know that maybethere is an additional expense,
like we have recently just comeout of back to school, going
into the holidays, kind of thingpeople maybe need additional
funds.
They may also think the onlyoption for them is a payday loan
(04:41):
Right, when, in essence, thatis not the case.
Right option for them is apayday loan Right when, in
essence, that is not the case,right.
So would you mind sharing youknow?
I know we've had a conversationa little bit about members have
the ability.
So say, if, whatever theiroverdraft privilege amount is,
whatever amount that might becould be $400, $800, whatever
that looks like for them theyhave the ability to come and
(05:02):
withdraw that amount and pay aone-time fee per month.
Is that correct?
Speaker 2 (05:07):
Yes, okay, tell us about that, especially if you're
already budgeting with us, youcan already make those payments
plans for just a one-time $28fee, versus allowing it to come
through and then something elseand you know all the unplans.
It's better to have that budget.
Speaker 1 (05:27):
And if you are able just to withdraw that out and
pay that single fee, that's somuch better than swiping your
card and being charged a feeeach time.
That really adds up.
So, literally, I can come in ifI have approved overdraft
privilege on my account and Ican withdraw my amount
essentially for a one time fee.
That's great.
(05:48):
Yes, that's outstanding.
So tell us, like if we wereinterested in be you know,
setting up with overdraftprivilege, how we've talked
about the $400 and $800 limit,what really determines that it's
all based on income anddeposits once you have here at
Centric.
Speaker 2 (06:05):
So the more relationship that we have with
you, the better we canunderstand and the better we can
benefit you with those limits.
Speaker 1 (06:12):
So when you mentioned the deposits, talk to us a
little bit about that.
As far as the 400 and 800 isconcerned, what does that look?
Speaker 2 (06:21):
like.
So if you have a direct depositwith us, of course you're more
eligible for the $800 limit, butif you just have, say, your
employer doesn't do directdeposit, we can take that into
consideration.
You're more than likely goingto be placed with a $400 limit,
but again, we can go through andjust see what's best for you.
Speaker 1 (06:42):
Sure.
So, for example, what are somethings that you would do to
really identify what would bebest for the member?
Speaker 2 (06:49):
Say that you have a thousand dollar weekly paycheck,
then of course you would beeligible for the $800 limit.
If you lean into overdraft alittle bit further and find
yourself in a cycle, we haveoptions for that as well.
Speaker 1 (07:07):
So when you say if members lead themselves into a
cycle, meaning In that negativecycle, yes, yes, and it's almost
as if they can't catch up Right, what are some opportunities,
or maybe solutions, that you andyour team offer our members?
Speaker 2 (07:22):
We do have a repayment plan here at Centric.
It's called our Fresh Start andthat is exactly what it says.
It is a fresh start for yourchecking account.
It's a four-month payment plan.
You still keep your checkingaccount, Everything flows as
normal.
The overdraft is reduced atthat time for your limit, but
you're making payments towardsthat balance and again it just
(07:45):
gets you out of that cycle.
And are there any fees to getthat started?
Absolutely not.
It is a free service to ourmembers here.
Speaker 1 (07:52):
That is a free service, yes, free service.
So, before anyone that islistening and they may feel like
, wow, you know, I'm really I'mnot making enough to really make
ends meet and I need some help,the first thing they need to do
is call Sendrick Absolutely yesPhone.
Yes Phone, a friend, phone afriend.
And that's who we are, you andyour team.
(08:14):
You have the ability to reallytalk through what are some
options for them, and that'scritical.
These are things that wouldsave members hundreds and in
some cases, when you look at itover a whole year, thousands of
dollars.
So let us talk to you about this.
Thousands of dollars, right?
So let us talk to you aboutthis.
You know, let's see what yourcircumstance really is and
figure out what what we can doto get you out from under this
(08:37):
continuous cycle, maybe thinkingthat payday loans or personal
loans even are your onlysolution.
Really and truly, when we cantake a look at this on a
month-to-month basis and evensitting down with one of our
financial counselors, which isfree, that's an opportunity for
you to create a budget free,completely free, and work
(08:59):
through that.
I love when you mention thisFresh Start Loan, that it's a
complete free service and if youget a little, you know, say
you've had some situations couldbe illness, job loss, some
other things that may havecaused you to say, hey, I kind
of got out of line with mybudget, a little bit kind of in
over my head, right.
Absolutely, yeah, the freshstart is really an opportunity
(09:20):
for for us to kind of see thelight of day yes, yeah, just
think three overdrive fees,that's 84 whenever you're
already trying, I mean thatcould take you under.
Speaker 2 (09:32):
So absolutely, the Fresh Start can step in and be
that for you.
Speaker 1 (09:36):
Oh, I love that.
That's so great and literallyall it takes is a phone call.
Yes, that's it.
So the real benefits for ourmembers.
Something to think about isthat 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 thanwhat your normal payday is
(09:58):
right.
Speaker 2 (09:59):
Isn't that not amazing?
Speaker 1 (10:01):
Our typical payday here at Centric is every other
Friday, but we typically receiveour paycheck on Wednesday, so
that's like payday for us.
So when you have your directdeposit set up with here at
Centric, there are many benefits.
And when we're talking aboutthat specifically related to
overdraft, that really helps usunderstand okay, based upon your
(10:21):
deposit amount, it allows us tosay, okay, this is what you
would be able to afford shouldyou need to dip into your
overdraft, right.
So I think that is fantastic.
Well, listen, we're coming upon time right now.
Whitley and I just wanted tothank you so much, really and
truly, for sharing thisinformation with our members.
This is great.
Speaker 2 (10:40):
You're so welcome.
Thank you so much for having me, but this is a game changer for
our members.
Speaker 1 (10:45):
It is, and I love just hearing what our members
say about this program, how ithas genuinely saved them.
It's prevented embarrassment ofhaving maybe a debit card
transaction declined whenthey'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
(11:06):
.
These are some things that youcan apply to your account that
doesn't cost you anything if youdon't use it, right, right, but
it's good for you if you'reever in a pinch.
You never know.
And so, um, if any of ourlisteners are interested in
learning more about this, youcan always visit us online at
mycentricorg to learn more.
But you have the ability totalk to Whitley every day if you
(11:28):
want to, and have aconversation with her and just
share what it is that might bebest for our members.
So, whitley, thank you, thankyou.
Thank you so much for this.
Well, thank you all forlistening to our podcast and we
want you to tune back in nextmonth for another episode of our
Live Better podcast.
Don't forget to subscribe toyour favorite podcast platform
(11:51):
and to ensure you never miss outon helpful tips, like us on
Facebook at Centric FederalCredit Union and find us at
MyCentric, on Instagram,pinterest, tiktok and YouTube.
You can find information abouttoday's topic on our monthly
blog at, and more at,mycentricorg.
Remember, centric is federallyinsured by the NCUA.
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On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!