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What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when your account’s “available balance” (as described in your Member Account Agreement and Disclosure) is insufficient to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday 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 1st United Credit Union pays my overdraft?
Under our standard overdraft practices:
There will be no fee charged if the paid transaction overdraws your account up to and including $5.00.
We will charge you a fee of $29.00 each time we pay an overdraft.
There is a cap of four (4) transactions per day that the Credit Union will charge you for overdrawing your account.
What if I want 1st United Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
- You may opt in during the checking account opening process or online at any time. To enroll, log in to your account and select Other Services > Debit Card Courtesy Pay from the menu or call us.