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.
We have several options to help cover your transaction(s) when you may not have the funds available in your checking account. Be confident when using your account and know that we'll have your back. Here are a few ways we can help 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||$30 Overdraft Fee per item|
Overdraft Protection-This type of Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another deposit account you have with Electro ($5 fee per transfer). Or, apply for an Overdraft Protection Line of Credit to help cover transactions you may not have the funds for. Please note: Overdraft Lines of Credit are subject to credit approval and interest.
Overdraft Privilege-This coverage allows you to overdraw your account up to the disclosed limit for a fee of $30 per item. Overdraft Privilege is available as a supplement when your Overdraft Protection has been exhausted. Please review the What Else You Should Know section for other important information.
If you would like to select Extended Coverage for future transactions, call or text us at 314.434.6470, stop by any of our branch locations, complete a consent form by clicking the button below.
- A link to another account or 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, online 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.
- 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 in your account is not sufficient to cover the item and the item is presented for payment again, Electro Savings Credit Union will charge a NSF Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Electro Savings Credit Union may pay the item, and, if payment causes an overdraft, charge an ODP 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.
- Although under payment system rules, Electro Savings Credit Union may be obligated to pay some unauthorized debit card transactions, Electro Savings Credit Union 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 Fee s 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 and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
- Electro Savings Credit Union authorizes and pays transactions using the available balance in your account. Electro Savings Credit Union may place a hold on deposited funds in accordance with our Truth in Savings Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege limit. For accounts with Extended Coverage, the Overdraft Privilege limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- 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.
- Electro Savings 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. 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 ODP Fee may be assessed.
- Except as described herein, Electro Savings Credit Union 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).
- New consumer and business checking accounts will receive a $200 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 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 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 32 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.
- 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.
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.
1Call or text us at 314.434.6470, call toll-free at 800.844.8313, email us at [email protected], or stop by any branch to sign up or apply for these services.
2Subject to credit approval. There is no fee to transfer from an Overdraft Protection Line of Credit. There may be 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. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at 314.434.6470 or 800.844.8313.