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This article provides an explanation of overdraft services and what choices are available to you.
Definitions
- Overdraft: An overdraft occurs when a check, ACH (automatic debit), debit card or ATM transaction posts against your checking account and you do not have sufficient funds to cover it.
- Overdraft services: These are various options to cover your account in the event of an overdraft. These options include discretionary Overdraft Privilege, a savings account, a personal line of credit and a Visa® line of credit.
- Everyday debit card transactions: Individual purchases made using your debit card (recurring automatic payments and checks are not included in everyday debit card transactions).
- Opt in: Actively requesting a service that WSECU provides.
- Opt out: Declining a service that WSECU provides.
Discretionary Overdraft Privilege
- If your checking account meets certain criteria, WSECU provides discretionary Overdraft Privilege as a benefit.
- With Overdraft Privilege, WSECU may, at its discretion, approve on-the-spot coverage for overdrafts on checks and ACH (automatic debits), avoiding the associated hassle or embarrassment of a declined transaction. This service is automatically provided if your checking account meets certain criteria.
- Payment of overdrafts under Overdraft Privilege is discretionary and is not guaranteed or assured.
- WSECU can also cover everyday debit card and ATM transactions with Overdraft Privilege. This service is not automatically provided; you must request it by opting in.
- You can change your overdraft privilege options at any time. If you opt in, you can cancel later. If you opt out, you can request coverage at a later time.
- There are three ways to change your overdraft privilege options:
Additional Overdraft Service Options
- Overdraft protection from your savings account is automatically established when you open a checking account. If funds are available in your savings account, this option will be utilized instead of Overdraft Privilege*.
- Other overdraft protection options include transferring funds from another account you have with WSECU, a personal line of credit and a Visa line of credit.
- These options may be less expensive than Overdraft Privilege.
- You can change your options by calling 800.562.0999 or visiting your nearest branch.
See all of your overdraft options “at a glance” here.
Fees Associated with Overdraft Privilege
- There is no fee to have Overdraft Privilege unless it is used to cover an overdraft.
- In the event of an overdraft, we will assess a $25 fee per occurrence. This fee is subject to change; please see our Rate and Fee Schedule.
- Fees charged for Overdraft Privilege will be applied to your established discretionary Overdraft Privilege limit.
- There is no limit on the total fees WSECU can charge for overdrawing your account**.
- Transactions are processed against your account in the order they are received, which may not be the order in which they occurred. The order in which transactions are received and processed can affect the total amount of overdraft fees that you incur.
*A transfer fee will apply. Please refer to our rate and fee schedule.
**Up to your established discretionary Overdraft Privilege limit.
Options at a Glance
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