At times, unanticipated expenses or unforseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be costly, inconvenient and a potentially embarrassing experience.
At Community Credit Union, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned. That's why we provide Member Privilege, a special overdraft service.
What is Member Privilege?
Member Privilege is a discretionary overdraft service, requiring no action on your part, that provides you a safety net up to an automatically assigned overdraft limit.
Your Member Privilege limit may be available for checks and other transactions made using your checking account number, automatic bill payment,recurring debit card payments; or for business accounts or, ATM and everyday debit card transactions*. For all other personal accounts, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit.
* Only applicable if you opt in your debit card to pay overdrafts. See a Member Representative for full details.
How does Member Privilege work?
As long as you maintain your account in "good standing" we may approve your overdraft items within your current available Member Privilege limit as a non-contractual courtesy.
For overdraft privilege consideration, your account is in “good standing” if you (1) deposit enough money to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Member Privilege as a continuing line of credit; (3) have no legal orders, levies or liens against your account; and (4) the member is current on all accounts with the Credit Union.
Please note that the amount of the overdrafts plus our paid item Overdraft fee of $29 for each item will be deducted from your overdraft limit. If the item is returned, the returned item NSF fee of $29 will be deducted from your account. No interest will be charged on the overdraft balance.
What does Member Privilege cost?
There is no additional cost associated with this privilege unless you use it. You will be charged our paid item Overdraft fee of $29 for each overdrawn item created by traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction or a recurring debit card payment; and for business accounts only, ATM and everyday debit card transactions. Also, for personal account only, if you have requested us to do so, we may authorize and cover ATM transfers and everyday debit card purchases.
For example, three paid items in one day will result in $87 in paid item Overdraft fees. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement.
What is my Member Privilege limit? If I have two checking accounts, can I get Member Privilege on both?
Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household or business, you may have a limit on each eligible account. As a limitation and while under discretion of the Credit Union, update to 4 accounts may have Member Privilege.
|Money Market Account||$500|
How quickly must I repay my Member Privilege?
You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Community Credit Union informing you that your Member Privilege limit has been suspended and additional items will be returned. If your limit is suspended, unless we notify you otherwise or you request this service be removed from your account, your limit will be made available to cover overdrafts again after six months.
What are some ways I can access my Member Privilege limit? Will my limit be reflected in the balance I receive?
The chart below shows the different ways you can access your Member Privilege limit and indicates whether or not this limit will be reflected in the balance provided.
Is my Member Privilege limit available?
Does the balance provided reflect my Member Privilege Limit?
|Writing a check||Yes
Visa Debit Card(recurring)
Visa Debit Card (everyday)
|ACH- Auto Debit||Yes
*Member must opt-in to authorize the Credit Union to pay overdrafts on ATM and everyday debit card transactions. **With the exception of business accounts, Member Privilege will be made available for ATM and everyday debit card transactions upon your request. Call (207) 783-2096 or visit one of our branches to arrange for your ATM and debit card coverage.
How do I know when I use the overdraft limit?
You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook. To receive this notification via email or text message log in to online banking and setup an eAlert. If the Credit Union is unable to reach you, as the account holder you are responsible for keeping track of your account balance(s).
What if I go beyond my Member Privilege limit?
Overdrafts above and beyond your established Member Privilege limit may result in checks or other items being returned to the payee. The returned item NSF of $29 will be charged per item and assessed to your account. A NSF notice will be sent to notify you of items paid and/or returned.
How soon can I use my Member Privilege?
If you are a new member, we will advise you 60 or more days after your account is opened that you may use the overdraft privilege service. This is provided you have maintained satisfactory activity in the account, including regular deposits, consistent with our internal standards for new account types that may offer Member Privilege. Once you are notified your Member Privilege limit is available to you, it may continue to be available provided you maintain the account in "good standing."
What are some ways I can avoid overdrafts at Community Credit Union?
The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases and ATM withdrawals in your check register, reconcile your checkbook regularly and manage your finances responsibly. However, if a mistake occurs, Community Credit Union offers additional ways to cover overdrafts in addition to Member Privilege.
Ways to cover overdrafts at
Community Credit Union
Example of Associated Fees*
| Good account management
| Link to savings account
|| $5 transfer fee
| Overdraft line of credit
|| Prime + 6.75% APR**
| Member Privilege
|| Paid item Overdraft fee of $29 for each item
What if I do not want Member Privilege on my checking account?
If you would like to have this service removed from your account, please come into on of our 3 branches and sign a form. Once a member opts out of Member Privilege you may not add the solution back to your account.
Tips on Keeping Your Checkbook Up-to-Date
Sooner or later, anyone having a share draft/checking account learns that an essential part of managing a checkbook is balancing it. This is an easy task if you keep up-to-date, but a nightmare if not. For some, the nightmare compounds itself to the point that they either stop writing checks to allow the account to somehow rectify itself, or they close the account and start over with a new one.
If you've never bounced a check or had a mistake in your checkbook, consider yourself fortunate. Most people who bounce checks believe they have more money in their accounts than they actually do because they've made errors in their checkbook registers. Common problems include addition and subtraction errors and forgotten items, such as ATM withdrawals or fees, debit card transactions, or automatic payments. Tracking your account deposits and withdrawals in an account register is a good practice to follow as your available balance from the Credit Union's LA Connection, Online Banking and/or an ATM Balance Inquiry do not always reflect all transactions.
Saving are federally insured to as least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Association.
If you have a dispute with Community Credit Union regarding your deposit or share account, you may contact us at 207.783.2096 and attempt to resolve the problem directly. If we fail to resolve the problem, please communicate the problem and resolution you are seeking to:
Maine Bureau of Financial Institutions
Consumer Outreach Program
36 State House Station
Augusta, ME 04333-0036
To file a complaint electronically, you may contact the Maine Bureau of Financial Institutions at http://www.maine.gov/pfr/financialinstitutions/complaint.htm
The Maine Bureau of Financial Institutions will acknowledge receipt of your complaint promptly and investigate your claim. You will be informed of the results of the investigation.