What You Need to Know about our Standard Overdraft Services and Fees
Standard Overdraft Services and Fees - An overdraft occurs when money is withdrawn from your account, and the available balance goes below zero, but we clear the transaction on your behalf. We can cover your overdrafts in three different ways:
1. Line of Credit – This loan is attached to your account, in which you only pay finance charges on the amount you borrow plus any additional transfer fees. Funds are transferred from your credit line to your share checking account to cover your overdraft.
2. Courtesy Pay – There is a nominal fee per transaction. It covers your checks, ACH, ATM, telephone-initiated transfers, debit transactions, or other electronic transfers when you do not have enough funds and no money from overdraft protection. The Courtesy Pay program will cover non-sufficient funds up to $500.00. Transactions may not be processed in the order in which they occurred, and the order in which transactions are received can affect the total amount of overdraft fees incurred.
Courtesy Pay may pay overdrafts when your checking account meets specific criteria:
• Account must receive direct deposit
• Account must be in good standing
• Primary share draft owner must be 18 years of age or older
• Availability of courtesy pay will be extended upon determination of credit score
What fees are charged if Ozark Federal Credit Union pays your overdrafts with Courtesy Pay? * A charge of $30 per occurrence, plus the amount of the overdraft item, will be subtracted from any overdraft limit disclosed. In addition, there will be a charge for each item paid up to a maximum of four items, regardless of the number of overdraft items presented each day.
3. Standard Overdraft Service – This service comes with your account. Available funds are transferred from your share savings account or other available deposit accounts. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item, or transaction. This service is automatic, and you don't need to enroll.
Standard Overdraft Service pays overdrafts for the following types of transactions:
We do authorize and pay overdrafts for the following types of transactions:
• Checks and other transactions made using your checking account
• Transactions made using your checking account number
• Automatic bill payments through ACH
We do not authorize or pay overdrafts for the following transactions unless you opt-in.
• ATM transactions
• Everyday debit card transactions
Your transactions will be declined if we do not authorize and pay an overdraft.
There is no limit on the total fees we can charge you for overdrawing your account under our standard overdraft service.
We pay overdrafts at our discretion, so we do not guarantee that we will automatically authorize and pay for any transaction.
*May be amended from time to time. Please refer to the Credit Union's Rate and Fee Schedule.