Life happens and we're here to make sure you're covered. Because it's about more than money, but we can help with that too.
Overdraft Coverage Options
We have several options to help cover your transaction(s) when you may not have the funds available in your checking account. The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection (linked to another deposit account you have at Electro)1||$5 fee per transfer|
|Overdraft Protection Line of Credit1,2||Subject to fees + interest|
|Overdraft Privilege Standard or Extended||$30 Overdraft Fee per item presented*|
1 Call us at 314.434.6470 or 800.844.8313 or come by a branch to sign up or apply for services
2 Subject to credit approval
* Per item presented means each time an item is presented, including representment.
Overdraft Protection - applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Electro Savings Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
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 What Else You Should Know for other important information.
*If you choose Extended Coverage on your consumer account 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.
If you would like to select Extended Coverage for future transactions, call or text us at 314.434.6470, visit any branch, or complete a consent form by clicking the button below.
You can discontinue Overdraft Privilege in its entirety by contacting us at 314.434.6470 or 800.844.8313.
- A link to another account or a line of credit 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, internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
- Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Overdraft Fee from funds that you deposit or that are deposited into your account may call us at 314.434.6470 or 800.844.8313 to discontinue Overdraft Privilege.
- The $30 ODP Fee that is charged if you overdraw your account is the same fee 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 ODP Fee or a NSF Fee of $30. 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.
- There is no limit per day on the total fees we can charge you for overdrawing your account.
- If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Electro Savings Credit Union (“We”) will charge a NSF Fee each time it returns the item because it exceeds the Available Balance in your account. Because we may charge a NSF Fee each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and representment of the item. When we charge a NSF Fee, the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on representment of the item, the Available Balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee
- The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them in the order that they are received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. By paying items in the order that we receive them, we think our policy attains a reasonable balance between minimizing additional cost to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees.
- We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we 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 ODP Fees for transactions that we would otherwise be required to pay without assessing an ODP Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Truth in Savings Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
Understanding your Available Balance: Your account has two kinds of balances: the Ledger Balance and the Available Balance.
- We authorize and pay transactions using the Available Balance.
- Your Ledger Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
- Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Ledger Balance, less any holds due to pending debit card transactions and holds on deposited funds.
- The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Overdraft Privilege limit and any available Overdraft Protection.
- The balance used for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Protection but does NOT include the Overdraft Privilege limit.
- The balance used for authorizing ATM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Protection and includes the Overdraft Privilege limit.
- Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft. Note that we may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your Available Balance.
- Please be aware that the Overdraft Privilege amount is not included in your Available Balance provided through online banking, mobile banking or Electro Savings Credit Union’s ATMs.
- We 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, we 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).
Understanding Overdraft Privilege Limits
- New checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $500 after 60 days in good standing or $1,000 for accounts with regular direct deposits.
- Overdraft Privilege may be reduced 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 # Days for ODP Removal 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 any questions about Overdraft Protection or Overdraft Privilege, please call us at 314.434.6470 or 800.844.8313 or visit a branch.
2Subject to credit approval. There is no fee to transfer from an Overdraft Protection Line of Credit. There may finance charges or fees associated with the line of credit due to late payment.
3If you choose Extended Coverage on your consumer account, 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.
You can discontinue the Overdraft Privilege in its entirety by contacting us at 314.434.6470 or 800.844.8313.