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 can 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.
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:
- 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, or you chose to not authorize the credit union pay our debit or ATM overdrafts, your transaction or debit card purchase will be declined.
What fees will I be charged if Electrical Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee up to $30 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
- Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5 per day.
What if I want Electrical FCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you can email your request to us at email@example.com or call us at 303.428.5080 or 1(888)428.5080.
Federally Insured by NCUA An Equal Housing Lender
Your savings is federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, a U.S. Government Agency.
APY = Annual Percentage Yield APR = Annual Percentage Rate
*Rates are based on an evaluation of credit history, so your rate may differ.
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