Overdraft Protection & 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 an authorized transaction, but we pay it for you in good faith and on your behalf.
Our General Overdraft Practices and Overdraft Protection Plans
What are the Standard Overdraft Practices that come with my Share Draft (checking) Account?
We can cover your overdrafts in three different ways:
- STANDARD OVERDRAFT PRACTICE: Our general practice is to consider covering overdrafts created by share draft (check) and other transactions using your checking account number (such as an ACH Debit). All members in good standing with an eligible Share Draft (Checking) Account may be provided with this service at the discretion of the Credit Union.
Our Standard Overdraft Practice will NOT cover the following items:
A. ATM Transactions
B. Everyday or One-Time Debit Card Transactions
We will pay overdrafts at our discretion, which means that we DO NOT guarantee we will always authorize and pay any type of transaction presented for payment against an account which does not have sufficient or available funds at the time of presentment.
What fees will I be charged if IBEW Local 66 Federal Credit Union pays my account into overdraft or Returns my item?
Under of Standard Overdraft Practice:
- We will charge you a fee of $25.00 for each item we pay which overdrafts (overdraws) your account.
- There is no limit on the total fees we can charge you for overdrawing or attempting to overdraw your account.
- We will charge you a fee of $15.00 for each item we return that would overdraw your account or is presented against an account which is already overdrawn or of which the funds are not available.
- BASIC OVERDRAFT PROTECTION PLAN: Our Basic Overdraft Protection Plan is linked directly to your Regular Share savings account. This Overdraft Protection Plan is the least expensive method to cover inadvertent and unintentional overdrafts.
Our Basic Overdraft Protection Plan will cover overdrafts which are made by check, ACH Debit, ATM and/or one-time debit card transactions by transferring funds from your Regular Share Savings Account to your Checking (Share Draft) Account to cover any overdraft. Funds must be available in the pre-designated Regular Share Savings account at the time of the transaction.
Our Basic Overdraft Protection Plan can also be used in combination with our Member Privilege Plan; this option can be available on only one of your MyCU66 Share Draft (checking) accounts.
What fees will I be charged if IBEW Local 66 Federal Credit Union transfers money from my Regular Share (savings) Account to my Share Draft (Checking) Account to cover an overdraft(s)?
- We will charge a $5 fee each time we transfer funds from your Regular Share Savings account to cover the overdraft in your Share Draft (checking) Account.
- MEMBER PRIVILEGE OVERDRAFT: Our Member Privilege Plan is designed specifically to cover your ATM and One-time Debit Card Transactions. If you are making a purchase with your MyCU66 MasterCard® Debit Card and are unaware that you don’t have enough money in your Share Draft (checking) Account, we may authorize the transaction on your behalf as a courtesy or privilege of membership. If we decide to do so, you’ll be able to complete your purchase and avoid an embarrassing situation of having your transaction declined. Or, if you are withdrawing cash from an ATM due to an unexpected emergency and need a little more money than you have in your account, we may authorize that transaction as well. You will have up to $500.00* available in overdraft protection (including fees) whether it’s for one purchase or several that add up to $500.00. This service can be available on only one of your IBEW Local 66 Federal Credit Union checking accounts, and you must opt-in, or sign up for this service by completing the Member Privilege Pay Enrollment form.
What if I want IBEW Local 66 Federal Credit Union to authorize and pay Overdrafts on my ATM and One-time Debit Card Transactions?
- If you want us to authorize and pay overdrafts on your ATM and one-time Debit Card transactions, you must enroll (Opt-In) into this service by printing and completing the Member Privilege Enrollment Form and bring it to us at 4345 Allen Genoa Road; Pasadena, TX 77504, fax it to us at (713) 946-1939 or you can also email us at MemberSupport@MyCU66; please remember to include a copy of your Valid Government Issued Identification.
IBEW Local 66 Federal Credit Union offers these overdraft protection services so your drafts (checks) or ACH Debits are not returned and/or your ATM and one-time debit card transactions are authorized. With these services, you will still pay an overdraft fee to the Credit Union, but you will avoid the merchant’s returned check fee and will stay in good standing with the people you do business with. It is important to note that 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 and a NSF (non-sufficient funds) fee or a returned item fee may be assessed. There is no limit to the number of items presented that may incur a fee for overdrawing your account. You can Opt-Out of our Member Privilege Overdraft Plan at any time by contacting the Credit Union at (713) 946-6513.
MyCU66 reserves the right to suspend any Overdraft Protection Service, with or without notice, to those members who are delinquent on any obligation to the Credit Union, for those that have a negative balance and for abuses of the Member Overdraft Privilege Program. Other restrictions may apply.