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Overdraft Fees

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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.

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.

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.

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call us at 508-678-2851. Or, complete our Extended Overdraft Privilege Form online.

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.