Overdraft Privilege is a discretionary service designed to help prevent your insufficient funds items from being returned or declined. With Overdraft Privilege, we have the option to cover your overdrafts up to $600, if you inadvertently overdraw your account. This can save you the embarrassment and inconvenience of a returned or declined item and the fees normally charged by merchants for items returned to them.
Please be aware that the Overdraft Privilege amount is not shown in your available balance, is
not a line of credit and
does not replace existing overdraft options such as drawing funds from another account or line of credit, which may be less expensive alternatives than Overdraft Privilege.
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:
1. We have
standard overdraft practices that come with your account.
2. We also offer
overdraft protection plans, such as a link to another account or a line of credit, which may be less expensive 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
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we
do not authorize and pay an overdraft, your transaction will be declined.
What Fees Will I Be Charged if LA Financial FCU Pays My Overdraft?
Under our
standard overdraft practices:
• We will charge you a fee of $28.00 each time we pay an overdraft
• There is no limit per day on the total fees we can charge you for overdrawing your account
What if I Want LA Financial FCU 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, complete an
“OPT IN” form and present it at a branch or mail it to: PO Box 6015, Pasadena, CA 91102 or visit the “Options” link on anytimeBanking. You can revoke your authorization for LA Financial FCU 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.
Important Information
Transactions may not be processed in the order in which they occurred and the order in which transactions are received and processed may impact the total amount of fees incurred on your account.
We
will not charge your account an Overdraft fee if an ATM or everyday debit card transaction overdraws your account by
$10 or less.
The Overdraft fee of $28 will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM withdrawals, or by other electronic means. (If multiple items are presented against your account on the same day, each item will be assessed the appropriate fee.) This is the same fee that LA Financial Credit Union charges for items returned to the payee due to insufficient funds.
We may not pay items under your Overdraft Privilege unless you maintain your account in good standing, which includes at least:
• Bringing your account to a positive balance within every thirty (30) day period for a minimum period of 24 hours;
• Not being in default on any loan or other obligation to you;
• Not being subject to any legal or administrative order or levy;
• Not being dormant or inactive;
• Member is not a minor; and
• Account is not a Fresh Start Checking Account
Overdraft Privilege does not constitute either a written agreement of an obligation or a prearranged agreement to pay your overdraft. We may withdraw this privilege at any time.
For complete disclosure and additional information,
click here. To OPT IN to Overdraft Privilege,
click here for form. Remember that you can also opt-in through the “Options” link on anytimeBanking.
You can revoke your authorization for LA Financial FCU 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.
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