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What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account. This notice explains such practices.
- We also offer overdraft protection plans, such as a link to a savings account or overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
Effective July 1, 2010, we do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay your transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Alpena Alcona Area Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will generally pay your overdraft items up to $500.00.
- We will charge you a $25.00 fee each time we pay an overdraft.
- There is no limit on the daily fees we can charge you for overdrawing your account.
What if I want Alpena Alcona Area Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you would like us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form below and then click on the Submit button.