OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE

Life happens! Mainstreet Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.

OVERDRAFT COVERAGE OPTIONS

The choice is yours. Consider these ways to cover overdrafts:

Service

Cost

Overdraft Protection Transfer from another Mainstreet Deposit Account1

Up to $3.00 fee per transfer

Overdraft Protection from Your Mainstreet Credit Card or Line of Credit1,2

Subject to Fee and Interest

Overdraft Privilege

Up to $27.50 Overdraft Fee per item

1Call us at 913-599-1010, email us at odp@mainstreetcu.org, or come by a branch to sign-up for these services. 2Subject to credit approval. 

Overdraft Protection applies to all transactions, excluding OnlineAccess and PhoneAccess transfers, and may help prevent overdrafts by automatically transferring funds to your checking account from another deposit account, line of credit, or credit card you may have at Mainstreet for a fee or finance charge. Please note that Mainstreet Credit Cards and Line of Credits are subject to credit approval.

 Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know for Business Accounts” section included with this disclosure for other important information.

Transactions Covered with Overdraft Privilege Extended Coverage for Business Accounts
Checks X
ACH-Automatic Debits
X
Recurring Debit Card Transactions X
BillPayer Items X
OnlineAccess Transfers X
Teller Window Transactions X
ATM Transactions X
Everyday Debit Card Transactions X

You can discontinue Overdraft Privilege in its entirety by sending us an email at odp@mainstreetcu.org, calling us at 913-599-1010 or 888-395-1010, or visiting any branch.


WHAT ELSE YOU SHOULD KNOW FOR BUSINESS ACCOUNTS

  • A link to another account or a Mainstreet Credit Card may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, online banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The $27.50 Overdraft Fee is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Non-Sufficient Funds Fee (NSF) of $27.50. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
  • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Mainstreet Credit Union will charge a Non-Sufficient Funds Fee (NSF) each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Mainstreet Credit Union may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee.
  • There is no limit on the total Overdraft Fees per day we will charge.
  • This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM and ACH transactions are posted from lowest to highest dollar amount, and debit card transactions in the order in which the items are received, while paper checks are posted in lowest to highest dollar amount; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Non-Sufficient Funds Fees (NSF) assessed.
  • Although under payment system rules, Mainstreet Credit Union may be obligated to pay some unauthorized debit card transactions, Mainstreet Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Mainstreet Credit Union authorizes and pays transactions using the available balance in your account plus any Overdraft Protection or Overdraft Privilege. Mainstreet Credit Union may place a hold on deposited funds in accordance with our Funds Availability Policy Disclosure which will reduce the amount in your available balance. For business accounts, the balance for authorizing checks, ACH items, recurring debit card transactions, ATM transactions, and everyday debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Mainstreet Credit Union’s
  • Mainstreet Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account.  If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described herein, Mainstreet Credit Union will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • New business checking accounts may receive an Overdraft Privilege limit of $500 that may be increased up to $1,000 after one year from the date of membership at Mainstreet Credit Union.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be reduced if you are more than 30 days past due on any loan with us, or more than one month past due on your Mainstreet Credit Union-issued credit card, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated. If you have an active bankruptcy or if you have defaulted on any obligation with Mainstreet Credit Union, the Overdraft Privilege limit will be suspended.
  • Each Account Owner, as defined in our Account Agreement, will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership and Account Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.


If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 913-599-1010 or 888-395-1010 or visit a branch.