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:
- 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.
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 unless you ask us to (see below):
· 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 South Western Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
· We will charge you a fee of up to $29 each time we pay an overdraft
· There is a limit of 7 maximum overdraft fees per day on the total fees we can charge you for overdrawing your account.
What if I want South Western Federal 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 800 899-8296 , visit our website at http://www.swfcu.org, or complete the form below and present it at a branch or mail it to: P.O. Box 908 La Habra, CA 90633.
______ I want South Western Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.
Printed Name: _______________________________________________
Date: _______________________________________________
Account Number: _______________________________________________
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