Why Should I Opt In?
By opting in, you authorize Your Community Credit Union to cover your ATM and everyday debit card transactions when you do not have enough money in your account. For those times when life doesn't go according to plan, this service may help prevent you the embarrassment of a declined ATM or everyday debit card transaction. The only time you pay a fee for this service is when you use this service - giving you greater flexibility in managing your money.
What do I need to know about overdrafts and 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:
- 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 accounts?
CVFCU will authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- Recurring debits
CVFCU will not authorize and pay overdrafts for the following types of transactions unless you ask us to by opting in:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we will 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 am I charged if CVFCU pays my overdraft?
- We will charge you a fee of up to $35.00 each time we pay an overdraft.
- We will charge no more than 5 paid overdraft fees per day, or a maximum of $175.00 per day in paid overdraft fees. Please note that additional unrelated fees may still be assessed on the account.
