Disclosure
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:
- We have Standard Overdraft Practices that come with your account if you qualify. (DCU calls its Overdraft Payment Service "I'm Covered".)
- We also offer overdraft protection plans such as a path that links to a Savings Account, or an overdraft to a Line of Credit (if you apply and are approved), which may be less expensive than our Standard Overdraft Practices. To learn more, see the Contact Info below.
This notice applies to our Standard Overdraft Practices.
If you opt-in to and are approved* for DCU's "I'm Covered" Standard Overdraft Payment Service, the following coverage applies:
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 and other pre-authorized transactions
- Everyday check card purchases (processed outside of the PIN network)
We do not authorize or pay overdrafts for the following types of transactions:
- ATM transactions
- Check card purchases (processed through the PIN network)
Note: We may authorize and pay overdrafts at our discretion. If we do not authorize or pay the overdraft, your transaction will be declined or returned. Business checking accounts do not qualify for this service.
Under our Standard Overdraft Practices:
- We may authorize and pay items that overdraw your account up to $1500 at any one time and charge you a fee of $30.00 each time we pay an overdraft.
- There is no limit to the total fees we may charge you for overdrawing your account.
NOTE: This is the same fee that would be charged if the item was returned however, in this case, the item is paid.
*In order to be approved for this Service, I must be at least 23 years of age and a member in good standing with a DCU checking account. I understand I may apply now but that you will delay action on this request until my checking account has been open for at least 90 days.
CONTACT INFO: Online at dcu.org, Information Center 508.263.6700 or 800.328.8797, Email: dcu@dcu.org
|
Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
|
© 2010. Digital Federal Credit Union