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Overdraft Protection

What you need to know about overdrafts and overdraft fees

What you need to know about overdrafts and overdraft fees

An overdraft is created when sufficient funds are not available in your Checking, Share Savings, or other deposit account to cover a check, withdrawal, automatic transfer, electronic transaction, returned deposited item or any other electronic purchase payment, or debit. See our Membership Agreement and Disclosures for more details on your Checking account balance and overdrafts, the terms of which are incorporated into this disclosure.

We will not cover ATM withdrawals if there is not a sufficient Available Balance* in your account. If a check, automatic payment or everyday debit card purchase is presented for payment and you do not have a sufficient Available Balance* in your Checking account, we will attempt to transfer funds to cover the item from your Line of Credit and/or Savings account(s) unless you select otherwise. There is no fee for this service.

We also offer Courtesy Pay which is a more expensive practice. Ask for more information.

What are the standard overdraft practices that come with your account?

We do pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We pay overdrafts for checks and automatic payments 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 on a check or automatic payment, your transaction will be declined and you may be charged a fee.

What fees will you be charged if SECU pays your overdraft?

Under our standard overdraft practices:

  • We will charge you an overdraft fee of $30 (in addition to payment of the overdraft) each time we pay an overdraft using Courtesy Pay.
  • There is no limit to the number of overdraft fees we can charge you for overdrawing your account.

We do not authorize and pay overdrafts for everyday debit card purchases using Courtesy Pay unless you ask us to do so.

What if you want SECU to authorize and pay overdrafts on everyday debit card purchases?

If you want us to authorize and pay overdrafts on everyday debit card purchases, please opt in by logging in to Online Banking and selecting Debit Card Overdraft Options under the “Checking” tab, or by visiting one of our branches.

* Your Available Balance is the amount of money in your account that is available to you to use without incurring an overdraft fee. Your Available Balance can change throughout the day with any bank activity such as deposits, withdrawals or debit transactions. The Available Balance takes into account things such as holds placed on deposits and decreases in your Available Balance (such as pending debit card purchases) that you initiated and SECU has authorized but that have not yet posted to your account. More information on Available Balance can be found in the Membership Agreement and Disclosures.