Life happens! Chesterfield Federal Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Last Revision: 3/29/2016
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
- Link to another deposit account you have at Chesterfield Federal Credit Union1, $2 fee per transfer
- Overdraft Privilege $30 overdraft fee per item. Daily fees may apply.
1 Contact us at 804-748-1417 to apply for these services.
Overdraft Protection services apply to all types of transactions and allow you to link other sources, such as another account at Chesterfield Federal Credit Union, to your checking account to pay an overdraft transaction for a fee.
Overdraft Privilege allows you to overdraw your account for a fee in order to pay a transaction.
Transactions Covered with
(No Action Required)
(Your Consent Required*)
|ACH - Auto Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Net24 Home Banking Transfers||X||X|
|Dial24 Telephone Banking Transfers||X||X|
|Everyday Debit Card Purchases||X|
If you would like to select Extended Coverage for future transactions:
*If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. You can discontinue the Overdraft Privilege in its entirety by contacting us at 804-748-1417 or visiting any branch location. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again.
What Else You Should Know
- ACH transactions post around 6am, Monday—Friday in the order that we receive them. Checks post around 4pm, Monday—Friday, in the order that we receive them. ATM and Debit transactions post in real time. The order in which transactions are posted may impact the total amount of overdraft or return fees assessed.
- A link to a savings account is 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 Net24 Home Banking, Dial24 Telephone Banking or Mobile24 Mobile Banking to keep track of your balance.
- The $30 fee is the same fee that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an appropriate Overdraft fee or a Return fee of $30. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of fees.
- Even if you have another source of overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
- Although under payment system rules, Chesterfield Federal Credit Union may be obligated to pay some unauthorized debit card transactions, Chesterfield Federal Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Protection Options) to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts may result in you incurring overdraft fees for transactions that we would otherwise be required to pay without assessing an overdraft fee. However, this may 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 funds that could result in restriction of your debit card.
- Except as described in this letter, Chesterfield Federal Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
- We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.
- Chesterfield Federal 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.
- 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 discontinued if you default on any loan or other obligation to us, 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 thirty-five (35) days for a minimum of one business day.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account and Disclosure 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 804-748-1417 or visit any branch.