How does overdraft protection (ODP) work on a checking account?

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Please refer to the Membership and Account Agreement for a more thorough explanation of factors that determine when an overdraft occurs and when you may incur a fee for overdrawing your account.

 

We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protections plans, such as a link to another account of yours, which may be less expensive than our standard overdraft practices.

 

What are the standard overdraft practices that come with my account? We authorize and pay overdrafts for the following types of transactions:

• Share drafts/checks, and other transactions made using your checking account
• Automatic bill payments
• ACH transactions

 

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to by opting-in to Courtesy Pay:

• ATM transactions
• One-time debit card transactions

 

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

 

What fees will I be charged if the Credit Union pays my overdraft? Under our standard overdraft practices:

• We will charge you a fee of $5.00 for transactions under $10.00 and $19.00 for transactions more than $10.00 each time we pay an ATM or debit card transaction overdraft.

 

There is no limit on the total fees we can charge you for overdrawing your account. Accounts must be brought positive within 30-days and no later than 45-days. To opt-out of our standard overdraft protection for checks, automatic bill payments, and ACH transactions, please call us at 877-378-3281.