Overdraft Coverage Options
With our busy lives, it’s easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds.
Have peace of mind knowing your checking account is covered when the unexpected happens. Your choices for Overdraft Protection include:
- Savings Transfer
- Line of Credit
- Overdraft Privilege
Choose which option works best for you!
Savings Account Transfer
Set up Overdraft Protection Transfer from another eligible DOLFCU Share Account. In the event of an overdraft, available funds will be automatically transferred to your checking account to cover the overdraft. (Transfer Limits - Up to six (6) per month for Savings, up to three (3) per month for Money Market.) Please contact us to set up this option.
Line of Credit
An overdraft Line of Credit is a loan attached to your checking account. Any overdrafts on your account may be paid by the Line of Credit. You will be charged interest and you must repay the loan. This may be less expensive than the other options for paying overdrafts. A line of credit is subject to normal credit approval guidelines. Please contact us for more details.
Even if you have Overdraft Protection, Overdraft Privilege is still available as additional coverage if your other protection sources are exhausted.Overdraft Privilege is not a Line of Credit; however, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to your Overdraft Privilege.
These options apply to checks and ACH transactions; and DOLFCU can only pay overdrafts for ATM or everyday debit card transactions if you have given us consent to extend coverage for payment of these overdrafts.
- We will charge you a fee of up to $30 each time we pay an overdraft if your account is overdrawn more than $10.
- We will not charge you a fee if your account is overdrawn by $10 or less on any given day.
- There is a maximum of 5 Overdraft Fees and no limit of NSF fees per day on the total fees we can charge you for overdrawing your account.
- You have a maximum of 32 days to bring the account back to positive status.
If you would like to select this Overdraft Privilege Extended Coverage to cover ATM and everyday debit card transactions, simply complete this Opt In Consent Form and:
Accounts will be charged the standard Overdraft fee of $30 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $30 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to DOLFCU or if your account is subject to any legal or administrative order or levy.
If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Department of Labor Federal Credit Union will charge a return item fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Department of Labor Federal Credit Union may pay the item, and, if payment causes an overdraft, charge an overdraft fee.
Money Management Tools
Do You Fit in One of these Categories?
Nice try, but…
You try to balance your checkbook using pencil and paper, but find it frustrating and have difficulty making the numbers agree.
See No Evil
You avoid the frustration altogether by ignoring your monthly statement altogether, using the institution’s balance, or keeping an approximation in your head.
If you fit one of these categories, DOLFCU has Money Management Tools available to help you balance your checkbook, establish a budget, and identify strategies to reduce debt and save!
For more information on effective money management and financial fitness, consider this list of helpful online references and resources.