Overdraft
Oops- not enough funds in your account to cover that transaction? Don’t worry, we all make mistakes. Luckily, we have options that can protect you from these oversights and keep you moving through your busy life.
NO FEE OPTION
With an Overdraft Plan, you select a savings account, line of credit* or both as a source to cover checking overdrafts, including online bill payments, automatic (ACH) transfers and payments, checks, preauthorized debit card payments and everyday debit card purchases. You will not incur any fees as long as there is enough money in your selected back-up account and/or line of credit. To enroll in an Overdraft Plan, visit any branch or fill out an authorization form.
OVERDRAFT PRIVILEGE
At the discretion of the Credit Union, Overdraft Privilege may cover online bill payments, automatic (ACH) transfers and payments, checks and preauthorized payments set up with your debit card number when there is not enough money in your account to cover an item. This will result in a negative balance in your account that you must cover. You will also be charged a $25 fee each time we pay an overdraft, up to a daily maximum of $100 for each type of transaction. ** Overdraft Privilege is also available for everyday debit card purchases, but you must opt in with our election form.
*Credit lines require credit approval.
**A $25 fee per paid overdraft transaction under Overdraft Privilege, up to $100 per day per transaction type. For example, if on a single day you have four overdrafting checks and four overdrafting online bill payments, the fee for the day would be $200. Overdraft Privilege is a discretionary service and not guaranteed. Negative balances must be repaid immediately upon demand. Overdraft Privilege is generally not available if (a) your checking account has been open fewer than 180 days, (b) you do not make regular deposits to San Francisco Federal Credit Union, (c) your account has had excessive overdrafts in our judgment, (d) your accounts are subject to legal process or (e) you are in default on any material obligation to the credit union.
