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Have you ever a situation where you are making a purchase with your debit card and suddenly realize that the check you meant to deposit you didn't? At Dawson Co-op Credit Union, we provide overdraft services to cover those ATM and one-time debit card transactions – saving embarrassment and the extra hassles in your already busy day. We want to be sure you are aware of the overdraft protection options available to you – to ensure your transactions are processed.
WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES
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Dawson Co-op Credit Union's business practices related to overdraft and NSF fees and charges have always been some of the most consumer friendly in the market. We are taking this opportunity to provide this information to you to align ourselves with Federal Regulation requirements.
What is the difference between an overdraft and a NSF?
What are the standard overdraft practices that come with my sharedraft account?
- An overdraft occurs when you don't have the money in your account to pay one or more of your transactions, but as a courtesy we honor the transaction and allow your account to temporarily have a negative balance.
- A non-sufficient funds (NSF) occurs when you don't have the money in your account to pay one or more of your transactions and you have exhausted the balance of all of your elected overdraft protections (e.g. savings, overdraft protection line-of credit). The item is not paid by Dawson Co-op Credit Union and it is returned.
What fees will I be charged if Dawson Co-op Credit Union pays my overdraft?
- 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.
- We offer affordable overdraft protection services for our members to help protect them from the embarrassment of returned items and costly overdraft fees. These include overdraft transfers from other accounts with a positive balance or an overdraft protection line-of credit advance. Contact a loan officer for more information.
- If a sharedraft account is overdrawn, money will be transferred from a primary savings account if available, at no charge to the member
- If a Line-of-Credit designed for overdraft protection is in place funds will be transferred in increments of $100 to the sharedraft account if funds are available
- The Federal Reserve recently implemented changes to Regulation E with regard to overdrafts from debit card transactions, requiring members to "opt-in" if they want us to authorize and pay overdrafts on ATM and everyday debit card transactions. This allows members to agree to let the credit union authorize and pay overdrafts on ATM and everyday debit card transactions.
What if I want Dawson Co-op Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
- Under our standard overdraft practice:
- We will charge you a fee of up to $15 per check each time we pay an overdraft.
- We will charge you a fee of up to $20 per check each time we decline and return a check NSF.
- Also, if your account is overdrawn more than six times in a one month period, totaling 36 times in a six month period, the account will be subject to closure.
- There is no limit on the total fees we can charge you for overdrawing your account.
- If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, click on the form link, complete and send it electronically. Click here to complete the form.