There are some important things you need to know when it comes to overdrafts on your First Credit Union checking account.
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 practices that come with your account.
- 2. We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
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 will not authorize and pay overdrafts for the following types of transactions without your consent.
- 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, your transaction will be declined.
What fees will I be charged if First Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $35.00 each time we pay an overdraft.
- For consumer accounts, if your transaction is $5.00 or less while you are utilizing Courtesy Pay Overdraft, or the amount of Courtesy Pay Overdraft accessed is $5.00 or less, we will charge you a fee of $20.00 each time we pay an overdraft.
- There is a limit of seven per day on the total we can charge you for overdrawing your account. There is no limit on the total fees we can charge you for returning items unpaid.
What if I want First Credit Union 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:
- Call 480-756-5500 (1-800-732-6986 outside of the Phoenix area), OR
- Download and complete a form and present it at a branch or mail it to: P.O. Box 820, Chandler, AZ 85244, OR
- Make your selection online when you're logged into your account in NetTeller online banking. Simply click the link below, log in to NetTeller, select the Additional Services Tab, and click Continue that appears next to Overdraft Services Opt In/Out. Complete your selection by choosing Opt In from the drop down menu and click Submit.
You can revoke your authorization for First Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.