At times, unanticipated expenses or unforeseen 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.