Overdraft Services. We offer three levels of overdraft protection plans. The first level is called Overdraft Transfers. This service automatically transfers available funds from your designated savings, line of credit, and/or credit card account to pay a transaction when your checking account does not have sufficient available funds. We determine whether sufficient funds are available when the transaction is presented to us for settlement. We will charge an Overdraft Transfer fee for this service as set forth in the Fee Schedule. This fee is less than the fee for the Overdraft Privilege Program described below. To use this service, you must enroll and designate the priority of your Overdraft Transfer sources on the Application or other form we have designated. The second level is called our standard overdraft option. This option in our Overdraft Privilege Program is automatically extended to eligible members. The standard overdraft option is provided pursuant to our Discretionary Overdraft Privilege Policy as a non-contractual courtesy. It is not a line of credit and it is not guaranteed. However, in the event you write a check or initiate an ACH, online xxxx payment, or recurring debit card transaction and sufficient funds are not available in your checking account to pay the transaction, and if there are no other sources of overdraft protection available, we will strive to pay your reasonable overdrafts if your account is in good standing and you continue to meet eligibility requirements. The third level is our Enhanced Overdraft Privilege option that extends the overdraft privilege program to your ATM and everyday debit card transactions. To use this option, you must affirmatively opt-in to our Enhanced Overdraft Privilege option for ATM and everyday debit card transactions by completing our opt-in form. Both levels of the Overdraft Privilege Program will charge an Overdraft Privilege fee as set forth in the Fee Schedule when a transaction is paid using the service. The amount of your Overdraft Privilege approved limit for your checking account may vary and is subject to change at any time based on certain membership factors such as age of account, deposit activity and history, and overdraft activity and history, including repayment history. If you no longer want an Overdraft Privilege option, you may opt-out of any level at any time in writing or by phone, within the Online Banking system or in-person at any one of our branches. Please refer to our Discretionary Overdraft...
Overdraft Services. Your Debit Card Transactions (one-time purchases) will not be covered under the Credit Union’s overdraft protection program (Privilege Pay) or other optional overdraft protection services unless you have authorized us to provide this coverage. Transactions made with your Debit Card will not be authorized if there are insufficient funds available in your account at the time the transaction request is received if you have not “Opted In” to overdraft protection services coverage of your Debit Card. The Credit Union does not offer overdraft coverage of ATM/ITM transactions. Before deciding whether to opt in for this coverage, you should read our Privilege Pay disclosure in conjunction with our Terms and Conditions.
Overdraft Services. Overdraft Services are not loans and are not subject to interest charges or late fees; however, items paid are subject to fees as identified in the Fee Schedule. Please read this entire section to understand the services, including how items are paid and how fees are assessed. You understand that the definitions of “Actual Balance” and “Available Balance” in this Agreement fully apply to Overdraft Services; we use the available balance and not the actual balance to determine both the payment of overdrafts and the assessment of fees. You understand and agree that we have no control over how the third parties, or entities that process transactions for them, “code” transactions. For instance, third parties have full control over the amounts of transactions they may enter per your relationship with them; and they may code transactions as recurring or non-recurring which may affect the payment order of transactions and the application of any Overdraft Service you have with us. You authorize us to accept transactions based upon the coding submitted by third parties; and that we may rely upon such coding in processing all transactions and services for you. We can terminate your participation in any Overdraft Service at any time without notice if: (1) you are in default under the terms of your services agreement or the terms of the Membership Account Agreement and Disclosures; (2) you are in default or subject to cancellation of services under any other agreements with the Credit Union;
Overdraft Services. This service comes standard with most business checking accounts. We will consider paying items, at our discretion and for a fee, when your account balance at the time of settlement is not enough to cover an item. If we do not pay the item, it is returned unpaid and an NSF fee is charged. The merchant also may charge you a return fee.
Overdraft Services. The transaction at the non-CNB ATM was finalized and posted to the account on January 11th. The withdrawal (ATM W/D) would post first followed by an ATM transaction fee (ATM Fee) since the ATM that was used did not belong to CNB. All other transactions were finalized and posted to the account a couple of days later on January 13th. In the example below, the check to pay the retail store (#1651) was converted by the merchant to an ACH transaction and will post before the paper checks in accordance with the Bank’s Transaction Posting Order. The checks then post in check number order, from lowest to highest. Posting Order Example #3 Date Posted Transaction Type Check # Transaction Amount Balance Previous Balance 1,569.00 1/11/2024 ATM W/D -303.00 1,266.00 1/11/2024 ATM Fee -2.00 1,264.00 1/13/2024 ACH Purchase Retail 1651 -86.00 1,178.00 1/13/2024 Check 1649 -115.00 1,063.00 1/13/2024 Check 1650 -95.00 968.00 Example 4 On the morning of Friday, January 26th, Xxxxxxx sat down to pay a medical bill. He wrote a check (#1001) to his doctor’s office in the amount of $82.00 and placed it in the mail. On his way out to work that morning, he withdrew $400.00 from a CNB ATM so that he could take his wife out to the theater that coming weekend. Just before lunch, Virginia, who is a joint owner on her husband’s checking account, called Customer Service and requested a wire transfer for $1,500.00 be sent to her daughter who is attending college out-of-state. The bank representative informed Virginia that a fee of $25.00 would apply to the wire transfer. Xxxxxxx, unaware of the wire transfer, continued to conduct transactions on the account. That evening, the couple went out to dinner and paid with a debit card, $65.00. The next morning, Xxxxxxx wrote another check (#1002) to pay his utility bill of $100.00. The wire, wire transfer fee, and ATM withdrawal would post to the account on the same business day in the following order: wire (Wire Transfer), ATM withdrawal (ATM W/D), and last the bank wire fee (Wire Transfer Fee). The debit and check transactions would post after they were finalized a few days later. The debit card transaction (D/C TRN) would post first followed by the checks (Check) which then post in check number order, from lowest to highest. In the example above, funds are not sufficient to pay the checks (#1001 and #1002) therefore a $25.00 overdraft fee, reflected on your statement as OD Item Fee, was charged for each item, totaling $50.00. Overdraft fees p...
Overdraft Services. This service comes standard with most checking accounts. We will consider paying an item, at our discretion and for a fee, when your account balance at the time of settlement is not enough to cover the item. If we do not pay the item, we will return it unpaid and charge no fee. However, the merchant may charge you a return fee. We may authorize and pay overdrafts for the following types of transactions: • checks • automatic bill payments (ACH) • recurring debit card transactions • other transactions that use your checking account number We will not authorize and pay overdrafts for the following types of transactions: • ATM transactions • one-time debit card transactions (For information regarding authorization or payment of overdrafts for these transaction types, see the Opt-In Overdraft Privilege section below.)
Overdraft Services. If you participate in standard overdraft practices or overdraft protection plans, the Sweep will occur first prior to any other overdraft practice or plan that is set up on the Customer’s account. If you have opted out from the overdraft payment of one time debit card transactions and ATM withdrawals, any debit card transaction will be declined but the Sweep will occur for other transactions that overdraw your Checking Account. There may be instances where the Bank may charge the Customer the overdraft item fee and the Sweep Fee because of the application of the Sweep Fee. However, the Bank will work to rebate the customer for the overdraft item fee. If you believe that you have been charged an overdraft item fee or Sweep Fee in error, please contact us. Please see your applicable Consumer Fee Schedule for current fees.
