Overdraft Coverage Options
Life happens! Southeastern Credit Union understands that unexpected overdrafts occur from time to time — Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection Link to Another Deposit Account you have at Southeastern Credit Union1||$3.00 fee per transfer|
|Overdraft Protection Line of Credit1,2||Subject to interest|
|Overdraft Privilege||$32.00 ODP Fee per item|
1Call us at (229) 244-2732 or (800) 228-9839, or come by a branch to sign up or apply for these services;
2Subject to credit approval.
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Southeastern Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
|Transactions Covered with Overdraft Privilege||Standard Coverage (No action required)||
Extended Coverage (Your consent required)*
|If you would like to select Extended Coverage for future transactions:
• call us at (229) 244-2732 or
• complete the online consent form found below
• visit any branch
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Online Banking Transfers||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at (229) 244-2732 or (800) 228-9839.
What Else You Should Know
- A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile, online and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
- The $32 ODP Fee that is charged if you overdraw your account is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate ODP Fee or an NSF Fee of $32. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
- Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the ODP Fee from funds that you deposit or that are deposited into your account may call us at (229) 244-2732 or (800) 228-9839.
- 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, Southeastern Credit Union will charge an NSF 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 Southeastern Credit Union may pay the item, and, if payment causes an overdraft, charge an ODP Fee.
- There is no limit on the total ODP Fees per day we will charge.
- This describes the posting order for purposes of determining overdrafts. We generally post items in the following order: 1) credits, 2) ATM and debit card transactions (in the order received), 3) ACH debits (low to high by dollar amount), 4) checks (low to high by dollar amount). However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of ODP Fees or NSF Fees assessed.
- Although under payment system rules, Southeastern Credit Union may be obligated to pay some unauthorized debit card transactions, Southeastern Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring ODP Fees for transactions that we would otherwise be required to pay without assessing an ODP Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
- Southeastern Credit Union authorizes and pays transactions using the available balance in your account. Southeastern Credit Union may place a hold on deposited funds in accordance with our Membership Agreement/Terms and Conditions, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege limit. For accounts with Extended Coverage, the Overdraft Privilege limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Southeastern Credit Union’s ATMs.
- Southeastern Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an ODP Fee may be assessed.
- Except as described herein, Southeastern Credit Union will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
- An Overdraft Privilege limit of $500 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
- An Overdraft Privilege limit of $1,000 will be granted to eligible business checking accounts at the time of account opening.
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the Overdraft Privilege limit reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership Agreement/Terms and Conditions. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at
(229) 244-2732 or (800) 228-9839 or visit us at one of our branch locations.