What You Need To Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
1) We have standard overdraft coverage, such as a link to a savings account that comes with your account. We also offer our Courtesy Pay Overdraft Protection, which is a discretionary service that allows us to pay an item presented against your checking account even if it causes the account to become overdrawn.
2) This notice explains our Courtesy Pay Overdraft Protection.
What is Courtesy Pay Overdraft Protection?
Courtesy Pay is a non-contractual service that allows us to pay an item presented against your checking account, even if it causes the account to become overdrawn. This service is added to qualified checking accounts after the account has been open for 60 days. We will pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. Our Standard Courtesy Pay service authorizes us to pay overdrafts for the following types of transactions:
> Checks and other transactions made using your checking account number, including checks cashed at a teller window.
> Automatic bill payments.
> Automated Clearinghouse (ACH) withdrawals - like a utility bill that is automatically paid from your checking account each month.
After August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
> One time debit card transactions and ATM withdrawals
What fees will I be charged if Central Florida Postal Credit Union pays my overdraft?
> We will charge you a fee of $25 each time we pay an overdraft.
> There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Central Florida Postal Credit Union to authorize and pay overdraft on my ATM and everyday debit card transactions?
> If you want us to authorize and pay overdrafts on everyday debit card transactions you must complete the opt in form below