|
What is Overdraft Privilege?
Top
Overdraft Privilege is a service that may allow the
payment of overdraft items on eligible members’ personal checking
accounts. The account must be in good standing, and payment of
items is discretionary.
What is the
Overdraft Privilege limit?
The Overdraft limit for all checking accounts is
$500. Both the amount of the overdraft items and all applicable
fees, including but not limited to our $35 overdraft fees are
included in this limit.
Can I increase the amount of my Overdraft
Privilege limit?
Top
No, the amount of the Overdraft Privilege is the same
for all checking accounts.
How much will I be charged if I overdraw
my account?
You will be charged our normal $35 overdraft fee for
each item that we pay, the same fee that we charge if we return the
item unpaid.
How do I apply for the Overdraft
Privilege?
Top
No application is required. We granted the Overdraft
Privilege to all eligible members when we initiated this service.
New accounts are granted the Overdraft Privilege after their initial
eligibility period.
How do I know if I have the Overdraft
Privilege?
When we initially offered the Overdraft Privilege we
sent a letter and Account Disclosure to all accounts that were
eligible. New accounts or accounts that became eligible after the
initial offering have received a letter and a disclosure. If you
received a letter from us then you are eligible for this service. If
you did not receive a letter and have questions about this service
please contact any member service representative.
Why don’t I have the Overdraft Privilege?
Top
Our Account Disclosure lists the eligibility
requirements for the Overdraft Privilege service. The most common
reasons that you would not be eligible are if you are delinquent on
a loan or other obligation to us, or if you are currently in a
repayment plan. You may have been suspended from the Privilege if
you did not bring your account to a positive balance in 30 days. If
you do not have the Overdraft Privilege and none of these criteria
apply then please contact a member service representative.
If I just opened my checking account, how
long do I have to wait before I am eligible for the Overdraft Privilege?
You must wait 30 days before your account will be
eligible for the Overdraft Privilege.
How can I get another copy of the
Overdraft Privilege Account Disclosure?
Top
Please contact any member service representative and
we will provide you with another copy of the Account Disclosure.
What types of overdraft are covered by
the Overdraft Privilege?
The Overdraft Privilege service is available for all
checks that you write, ACH items that are presented, internet
banking bill pay and debit card transactions.
Why would items presented not be paid by
the Overdraft Privilege?
Top
Items presented may be returned if you have exceeded
your Overdraft Privilege limit, if you are delinquent on a loan or
other obligation to us or if you are in a repayment plan. Also,
whether overdrafts will be paid is discretionary and we reserve the
right not to pay. For example, we typically do not pay overdrafts
if your account is not in good standing, if you are not making
regular deposits, or if you have too many overdrafts.
If I overdraw my account by $215 how much
will you deposit to my account to cover the overdraft?
We do not make deposits to cover overdrafts paid by
the Overdraft Privilege. Your account will remain overdrawn until
you make a deposit to bring it back to a positive balance.
Additional fees may be charged if items presented are either paid or
returned after your initial overdraft if your account remains
overdrawn.
What about transfers from other accounts
or lines of credit?
Top
We offer transfers from other accounts that you have
with us if you authorize us in advance to do so to cover your
overdraft. We charge a transfer fee of $5.50 for each transfer that
we make. We also offer a preapproved line of credit to cover your
overdrafts. The line of credit must be applied for in advance and is
subject to our normal loan underwriting criteria. Please contact a
loan officer for an application and more information on the specific
terms and conditions of this loan option.
If I do overdraw my account and you pay
the item, how long do I have to repay the overdrawn balance?
Once your account is overdrawn you must bring it back
to a positive balance for at least one full day within a 30 day
period by making a deposit(s) to your account.
If you pay an overdraft and my account is
overdrawn, how much interest will you charge me?
Top
We do not charge any interest on account overdrafts
that are paid by the Overdraft Privilege service. We do charge our
normal $35 overdraft fee for each item presented, whether it is paid
or returned, if your account is overdrawn.
How do you determine in which order to
pay items presented?
The first items that
we pay are any checks cashed by our employees or that you have
written to us. We then pay any items that were submitted
electronically, such as ATM withdrawals, ACH items, any debit card
transactions, preauthorized automatic transfers, telephone-initiated
transfers and any other electronic transfers. Finally, we pay the
remaining items in dollar amount order from the lowest amount to the
highest amount.
What if my balance is still overdrawn and
I can’t pay back the overdraft after the 30 days?
Top
If you know that you will not be able to bring your
account back to a positive balance within 45 days of your initial
overdraft, please contact the Collections Department to discuss
repayment plan options. Failure to make arrangements with the
Collections Department will result in your account being closed, and
collection efforts will continue.
What do I do if I don’t want the
Overdraft Privilege on my account?
If
you do not want your account to be eligible for this service and
would prefer us to automatically return any items presented which
may overdraw your account, please contact any member service
representative to request an opt out form. In order to be removed,
you must complete, sign and return this form to us. Please note that
when we return your items you may be subject to additional fees
charged by merchants or by us if the same items are presented again
for payment at a later time.
I would like more detailed information about the
Overdraft Privilege program, who should I contact?
Top
Please contact any member service representative or
call 1-888-619-1711 Option 3 for detailed information about this
service.
|
