Overdraft Coverage Options Disclosure

Overdraft Privilege and Overdraft Protection

UVA Community Credit Union understands that unexpected overdrafts may occur – Overdraft Coverage can help.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection Line of Credit1 Subject to interest
Overdraft Privilege Fee $32 Overdraft Fee (Paid NSF) per item
Overdraft Protection Transfer Link2 $5 per Credit Union initiated transfer (limit of 6 per month)

1Subject to interest and credit approval. Call us at 434-964-2001 or 888-887-9136, send us a secure message within Online Banking, or come by a branch to sign up or apply for these services.

2In the event an automatic transfer from your savings account occurs, but the amount transferred is insufficient to completely cover an overdraft, this $5 fee will be charged in addition to the overdraft and returned items fee.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from your savings account or line of credit you may have at UVA Community Credit Union for a cost. Please note that cash advances and overdraft lines of credit are subject to credit approval.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.

Compare our Overdraft Privilege Standard and Extended Coverage
Transactions Covered with Overdraft Privilege Standard Coverage (No action required) Extended Coverage (Your consent required) If you would like to select Extended Coverage for future transactions:
  • call us at 434-964-2001 or 888-887-9136 OR
  • complete the online consent form OR
  • send us a secure message within Online Banking OR
  • send us a message from Live Chat  OR
  • visit any branch OR
  • complete the consent form and mail it to us at 3300 Berkmar Drive, Charlottesville, VA 22901
Checks
ACH - Automatic Debits
Recurring Debit Card Payments
Online Bill Pay Items
Teller Window Transactions
ATM Transactions   *
Everyday Debit Card Transactions   *

 

*If you opt in to Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety at any time by contacting us at 434-964-2001 or 888-887-9136, sending us a secure message from Live Chat on our website at uvacreditunion.org, sending us a secure message within Online Banking stating “I want to revoke my authorization for UVA Community Credit Union to pay overdrafts on my account [account #]”, visiting any branch or by mailing us at: 3300 Berkmar Drive, Charlottesville, VA 22901.

What Else You Should Know

  • A link from your savings account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Online Banking, and telephone banking services to keep track of your balance.
  • The $32.00 Overdraft fee (Paid NSF) is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft fee (Paid NSF) or a Returned Item fee (NSF). All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
  • The exact amount of money needed to bring your balance to $0 is transferred. There is a fee for using this service. There is no loan application since you're using your own funds to cover the overdraft. A $5.00 fee will be charged each time a transfer is required. In the event an automatic transfer from your savings account occurs, but the amount transferred is insufficient to completely cover an overdraft, this $5 fee will charged in addition to the overdraft and returned items fee.
  • We generally post items in the following order: 1) prior day ACH credits, then same day ACH credits, 2) debit card signature transactions (in the order received), 3) ACH debits (in the order received), 4) checks (in the order received). Debit card PIN transactions post in real-time throughout the day in the order they are received. Exceptions to this posting order will occur. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Overdraft fees (Paid NSF) or Returned Item fees (NSF) assessed.
  • Although under payment system rules, UVA Community Credit Union may be obligated to pay some unauthorized debit card transactions, UVA Community Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
  • Giving us your consent to pay every day debit card and ATM overdrafts may result in you incurring fees Overdraft (Paid NSF) for transactions that we would otherwise be required to pay without assessing an Overdraft fee (Paid NSF). However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.
  • UVA Community Credit Union authorizes and pays transactions using the available balance in your account. The available balance is comprised of the ledger balance (collected funds) less any debit card holds, and does not include any deposited funds on hold. UVA Community Credit Union may place a hold on deposited funds in accordance with our Availability of Funds Disclosure. If the funds in the available balance are not sufficient to cover a transaction, any available overdraft protection and/or the amount of the Overdraft Privilege limit, may be used to authorize and pay a transaction.
  • UVA Community Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft fee (Paid NSF) may be assessed.
  • Except as described in this letter, UVA Community Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
  • We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.
  • An Overdraft Privilege limit of $100 is available for eligible Personal Checking accounts at account opening. Overdraft Privilege limits of up to $500 are available for eligible Personal Checking accounts that have been open for at least 35 days in good standing and up to $1000 for eligible Business Checking accounts that have been open for at least 60 days in good standing.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership and Account Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 434-964-2001 or 888-887-9136 or visit a branch.

UCU245W. 10/18

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