Important Information About Overdraft Courtesy Pay Programs
What You Need to Know About Overdrafts and Overdraft Fees
An overdraft occurs when you do not have sufficient available funds in your account to cover a transaction, but we pay it anyway. Overdrafts will be determined based on the available balance in your checking account at the time a check or item is presented. Your available balance may be lower than your actual balance due to funds held for debit card transactions we have authorized, deposited checks held pursuant to our funds availability policy, or holds for other reasons. We can cover your overdrafts in different ways:
We have standard overdraft courtesy pay practices that come with your checking account if you meet specific criteria:
(1) You maintain your membership in good standing, (2) The primary account holder is 18 years of age or older
We also offer overdraft protection plans, such as a transfer from your savings account or line of credit. These may be less expensive than our standard overdraft practices. To learn more, ask us about these options. This notice explains our standard overdraft courtesy pay practices.
What are the standard overdraft courtesy pay practices that come with my checking account?
We may authorize and pay overdrafts for the following types of transactions:
Checks and other transactions (excluding ATM withdrawals) made using your checking account number.
ACH transactions such as bill payments.
The Credit Union pays 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.
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (Opt -in):
ATM Transactions
Everyday debit card transactions from your checking account.
What fees will I be charged if IBEW & United Workers Federal Credit Union pays my overdraft?
We will charge you one fee of $30.00 per transaction each time we pay an overdraft. We will charge up to five fees for an amount up to $150.00 per day.
Opt In – I want IBEW & United Workers Federal Credit Union to authorize and pay overdrafts on everyday debit card transactions.
Opt Out - I want to revoke my previous decision to pay overdrafts on everyday debit card transactions.
Opt Out – I want to opt out of standard overdraft practice; do not pay overdrafts for ACH and checks.
If you opt out of overdraft protection plus, you may opt in at a later date by IBEW & United Workers Federal Credit Union, as shown above.
