Overdraft Coverage Options
Easily avoid embarrassing situations — choose the coverage that works for you.
OVERDRAFT PRIVILEGE AND OVERDRAFT PROTECTION
Life happens! Centric Federal Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
OVERDRAFT COVERAGE OPTIONS
The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection Link to Another Deposit Account you have at Centric Federal Credit Union*||$5.00 fee per transfer|
|Overdraft Protection Link to a Cash Advance on your Centric Federal Credit Union credit card*, **||Subject to fees + interest|
|Overdraft Privilege||$28.00 NSF Paid Fee per item.|
*Call us at 1-888-340-9656, email us at email@example.com, or come by a center to sign up or apply for these services; ** Subject to credit approval.
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or cash advance you may have at Centric Federal Credit Union for a fee or finance charge. Please note that cash advances are subject to credit approval.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.
If your account is overdrawn for thirty-two (32) consecutive calendar days, any Overdraft Privilege limit may be reduced. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated. Your account may be closed if the balance is not brought positive within forty-five (45) days of the date it became overdrawn.
|Transactions Covered with Overdraft Privilege||Standard Coverage|
(No action required)
(Your consent required)*
|ACH – Automatic Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Internet Banking Transfers||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
If you would like to select Extended Coverage for future transactions:
• Call us at 1-888-340-9656,
• Complete the online consent form below,
• Visit any center,
• Complete a consent form and mail it to us at PO Box 2456, West Monroe, LA 71294-2456, or
• E‐mail us at Notices@MyCentric.org
*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended
You can discontinue the Overdraft Privilege in its entirety by contacting us at 1-888-340-9656 or sending us an e-mail at Notices@MyCentric.org.
WHAT ELSE YOU SHOULD KNOW
• A link to another account or to a Centric Credit Card is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
• Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
• 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.
• The $28.00 NSF Paid Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate NSF Paid Fee or a NSF Return Fee of $28.00. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
• We post items in the following order: 1) ATM and debit card transactions (in the order received), 2) ACH credits 3) ACH debits as presented. 4) checks in serial number low to high; however, exceptions will occur. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of NSF Paid Fees or NSF Return Fees assessed.
• Although under payment system rules, Centric Federal Credit Union may be obligated to pay some unauthorized debit card transactions, Centric Federal Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
• Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account may result in you incurring NSF Paid Fees for transactions that we would otherwise be required to pay without assessing an NSF Paid 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 funds that could result in restriction of your debit card.
• Centric FCU authorizes and pays transactions using the available balance in your account. The available balance is comprised of the ledger balance (collected funds) less any debit card holds, and does not include any deposited funds on hold. Centric FCU may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure. If the funds in the available balance are not sufficient to cover a transaction, any available overdraft protection and/or the amount of the Overdraft Privilege limit, may be used to authorize and pay a transaction.
• Please be aware that the Overdraft Privilege amount is not included in your balance provided through online banking, mobile banking or Centric FCU’s ATM’s.
• Centric FCU 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 NSF Paid Fee may be assessed.
• Except as described in this letter, Centric Federal Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
• We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit. If you use your debit card for recurring payments, e.g., utilities, and your debit card is ever suspended, these transactions will be returned to the payee(s). You will need to make other arrangements to make these payments to the payee(s).
• An Overdraft Privilege limit of $100 is available for eligible Personal and Business Checking accounts at account opening.
• Overdraft Privilege limits of up to $800 are available on Personal Checking accounts opened at least 60 days in good standing that have had a direct deposit in the previous 35 days. Personal Checking accounts opened at least 60 days in good standing that have not had a direct deposit in the previous 35 days will receive an Overdraft Privilege limit of $400.
• Overdraft Privilege limits of up to $800 are available for eligible Business Checking accounts opened at least 60 days in good standing.
• 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 discontinued 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 thirty-‐two (32) days for a minimum of one business day.
• Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account and Disclosure Agreement. 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 1-888-340-9656 or visit a center.
Email addresses are not a secure means of communication. Do not send personal information (account number, date of birth, social security number, inquiries about your account, or request changes to your account). Contact Us to learn how to send that information securely.
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