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 Share Account or a line of credit, which may be less costly 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?
Checks and other transactions made using your checking account number.
Automatic bill payments.
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 Department of Labor FCU pays my overdraft?
We will charge you a fee of up to $30.00 each time we pay an overdraft if your account is overdrawn more than $10.
We will not charge you a fee if your account is overdrawn by $50 or less on any given day.
There is a maximum of 3 Overdraft Fees and no limit of NSF Fees per day on the total fees we can charge you for overdrawing your account.
What if I want Department of Labor FCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?