Overdraft Protection

Federal legislation designed to protect financial services consumers has changed the way our members must opt-in to overdraft coverage on Debit and ATM Card transactions.

Members can choose whether or not to have overdraft coverage. This coverage allows DOLFCU to approve a Debit or ATM transaction even if the member does not have funds available in the account to cover the transaction and then charges an overdraft fee.

Members who have not opted in to overdraft coverage will have Debit and ATM Card transactions denied if enough funds are not available in the account to cover the full amount of the transaction.

The choice is yours. If you choose to have overdraft coverage, please complete this form and return it to your DOLFCU branch, mail it to DOLFCU, PO Box 51, Merrifield, VA 22116 or fax to 202.408.8253.

We want to make sure that our members understand that overdrafts that occur when using a Debit or ATM Card at a retail location, online or at an ATM machine will be denied unless the member has submitted an opt-in form authorizing DOLFCU to approve the transaction and charge an overdraft fee. The new legislation does not affect any current overdraft coverage you may have when you use paper checks and ACH/electronic transactions.

Any amounts advanced under our Courtesy Pay or Overdraft Protection must be repaid by depositing an amount at least equal to the amount of discretionary Courtesy Pay or Overdraft Protection within 30 days to bring the account(s) to a positive balance. 

We reserve the right not to pay overdrafts at our discretion if your account(s) and membership are not in good standing, if we suspect you will not be able to repay your account to a positive balance, if your negative balance(s) exceeds our predetermined limit or if you fail to maintain a positive balance in your account(s) for up to 30 consecutive days.

If you have questions or concerns please stop by a branch or contact us at 202.789.2901 or MemberServices@DOLFCU.org.