Safeguarding Your Finances with Overdraft Protection!
At Family First Credit Union, we prioritize the security of your financial transactions. That's why we offer an Overdraft Protection Line of Credit, ensuring that you're covered in case of any unintentional errors. Our Overdraft Protection is a Line of Credit that can be deposited in increments of $100, up to a maximum of $600, to cover checks presented for payment. Please note that eligibility requirements apply.
We also provide Overdraft Privileges for qualifying members.
Overdraft Protection | OPT IN An overdraft occurs when you lack sufficient funds in your account to cover a transaction. As a service to eligible members, we can cover your overdrafts to prevent your transactions from being declined or returned unpaid. To take advantage of this service, you must qualify and sign an OPT IN form. There are two aspects to our Overdraft Protection: Automated Clearing House (ACH) transactions, which involve providing your checking account and routing number for payments, and Point of Sale (POS) transactions, which occur when you use your debit card. It is essential to select your preference for both ACH and POS transactions individually.
Overdraft Privilege (ODP) is available for debit card transactions, while Occasional Overdraft Privilege Service (OOPS) covers ACH transactions. The authorization and payment of any transaction type are subject to our discretion. We do not guarantee that all transactions will be authorized or paid. If we do not authorize and pay an overdraft, the transaction will be declined or returned unpaid.
You can modify your preferences at any time by submitting a new Authorization Form.
It is important to understand the distinction between your Actual Account Balance and your Available Account Balance when using ODP and OOPS. Transactions are based on your Available Account Balance. For example, suppose your Actual Balance is $100, and you have a pending debit card transaction of $20. In this case, your Available Balance, which is the amount you can spend, would be $80. The $20 is temporarily "claimed" and unavailable for purchases or payments. However, your Actual Balance will still display $100 until the pending ATM/Debit Card transaction is officially posted. If your Available Balance is $80, and you proceed with a debit card transaction or approve a $100 ACH payment, your ODP/OOPS will be activated, and an ODP/OOPS Fee will be assessed.
Please be aware that opting in to our ODP service means you will be charged an overdraft fee for EACH transaction in which you do not have sufficient Available funds. However, this fee can save you from the inconvenience and complications of having your transaction declined or returned, whether it's a debit card purchase or an ACH payment. By avoiding these scenarios, you can potentially prevent additional interest or late fees from accruing with the party you intended to pay.
Please note that overdraft items will be processed in accordance with Family First Credit Union's existing Overdraft Policy.
Your financial security is our top priority, and we aim to provide you with reliable Overdraft Protection services. We understand the importance of safeguarding your transactions, and we're here to assist you in managing your account responsibly.
**Please note: Overdraft Protection terms and conditions apply. For complete details, refer to Family First Credit Union's Overdraft Policy.
