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:
|Overdraft Protection1||$3.00 fee per transfer2|
|Overdraft Privilege||$27.50 Overdraft Fee per item|
1Call us at 913-599-1010, email us at email@example.com, or come by a branch to sign-up for this service.
2Transfer fee is waived for Classic Club members.
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 you may have at Mainstreet for a fee.
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” section included with this disclosure for other important information.
|Transactions Covered with
(No action required)
(Your consent required)*
|ACH- Automatic Debits||X||X|
|Recurring Debit Card Transactions||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
If you would like to select Extended Coverage for future transactions:
- call us at 913-599-1010 or 888-395-1010
- visit any on of our branches
- email us at firstname.lastname@example.org
- complete the consent form:
Extended Coverage Consent Form
*If you choose Extended Coverage on your consumer account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Overdraft Privilege Extended Coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
WHAT ELSE YOU SHOULD KNOW
- A link to another account 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 plus Overdraft Privilege 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).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
- 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. The balance for authorizing checks, ACH items, and recurring 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. The balance for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the balance for authorizing ATM and everyday debit card transactions.
- 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 ATMs.
- 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 consumer and 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.
- Depositor and each Authorized Signatory 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.