What You Need To Know about Overdrafts and Overdraft Fees
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, through a link to another account, 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?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- We will not authorize and pay overdrafts for the following types of transactions without your consent.
- ATM transactions
- Everyday debit card transactions. If we do not authorize and pay an overdraft, your transaction will be declined.
- We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
- What fees will I be charged if Somerset Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $25 each time we pay an overdraft
- We will not charge you a fee if your account is overdrawn by $10 or less on any given day.
- What if I want Somerset Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 508-678-2851, visit our website at http://www.somersetfedcreditunion.com, complete the form below and present it at our office or mail it to: 740 County St. Somerset, MA 02726. You can revoke your authorization for Somerset Federal Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.
______ I do not want Somerset Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.
______ I want Somerset Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions.
Printed Name: _______________________________________________
Account Number: _______________________________________________