Overdraft Protection and Courtesy Pay - oefcu.org

Overdraft Protection and
Courtesy Pay
What is Overdraft Protection?
An overdraft occurs when you do not have enough money in your checking account to cover a transaction, but the Credit
Union pays it anyway.
We can cover your overdrafts in the following ways:
1. Overdraft Protection Plans – such as a link to your OE Federal savings account, OE Federal Visa, or a cross-member savings
account. This option may be less expensive than our Courtesy Pay Protection.
2. Courtesy Pay Protection.
What is Courtesy Pay Protection?
Courtesy Pay Protection authorizes and pays your overdrafts for the following types of transactions:
1. Checks you write.
3. ATM Transactions.
2. Automated debits you have authorized to
post to your account (ACH).
4. Every day debit card transactions.
What Fees Will I Be Charged?
Under the Overdraft Protection plan, we will charge a fee of $3.00 for each Overdraft Protection transfer. Overdraft Protection
transfers are made in increments of $50. Overdraft Protection transfers from your VISA account are considered cash advances
and will begin to accrue finance charges from the date of posting.
Under the Courtesy Pay Protection plan, we will charge a fee of $25 each time we pay an overdraft for checks and automatic
bill payments and ATM and debit card transactions. OE Federal will waive this fee if ATM and debit card transactions do not
overdraw your account more than $20.
What Is The Benefit for Using Courtesy Pay?
We will waive the per-item fee if ATM and debit card transactions do not overdraw your account more than $20.
By authorizing and paying overdrafts, Courtesy Pay provides you piece of mind. You don’t have to worry about going through
the embarrassment of declined transactions.
How Does Overdraft Protection Work?
If an item is presented for payment on your checking account, and there is non-sufficient funds to cover the item, we will
automatically transfer the funds (in increments of $50) from the account or Visa that you have designated and pay the item.*
* Regulation D limits the number of automatic transfers per month to 6.
Is Courtesy Pay a Loan?
No. We extend this non-contractual courtesy to members who maintain their checking account in good standing.
When Do I Have to Repay the Overdraft?
Members will need to bring their account to a positive end-of-day balance at least once every forty-five days.
IF YOU WANT TO ADD OVERDRAFT PROTECTION TO YOUR CHECKING ACCOUNT
OR WOULD LIKE TO ADD COURTESY PAY TO YOUR DEBIT CARD, YOU MUST
CONTACT US AT YOUR LOCAL BRANCH OR CALL US AT (800) 877-4444.
Courtesy Pay Disclosure
As used in this document the words “we,” “our,” and “us” mean OE Federal Credit Union and the words “you” and “your” mean
the account holder(s).
Courtesy Pay is not a line of credit. If you inadvertently overdraw your account a minimum of 90 days after the date of account
opening, we may pay the overdraft, subject to the limit of your Courtesy Pay and the amount of the overdraft fee. We are not
obligated to pay any item presented for payment if your account does not contain sufficient available funds.
We do not guarantee that we will always authorize and pay any type of transactions. We pay overdrafts at our discretion based
on a certain criteria. If we do not authorize an overdraft, your transaction will be declined.
Transactions Covered:
If you inadvertently overdraw your account, we may cover the following transactions: checks, ATM Withdrawals or other
electronic means (ACH, debit, POS).
Fees:
Please refer to our Separate Schedule of Fees for charges.
Limitations:
If your account becomes overdrawn, you are obligated to pay the negative balance amount plus any fees within 45-days. You
will continue to be liable, jointly and severally, for all such amounts, as described in the Terms and Conditions Account
Disclosure. If payment is not received within 45-days, your account will be terminated and we may report information about
your account to the credit bureaus and/or a collection agency.
Termination:
We may terminate your account at any time without notice to you or may require you to close your account and apply for a new
one if there are excessive returned unpaid items not covered by an overdraft protection plan.
Phone: (800) 877-4444 • www.oefcu.org
PO Box 5073 Livermore, CA 94551