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 three different ways:
1. Automatic transfer from savings account
2. We offer standard overdraft practices that come with your account
3. We also offer overdraft protection loans, such as an overdraft line of credit, which may be less expensive than our
standard overdraft practices. To learn more, ask us about these loans.
This notice explains our standard overdraft practices.
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
We do not authorize and pay overdrafts for the following types of transactions:
- 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 any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
Under our standard overdraft practices:
- We will charge you a fee of $25 each time we pay an overdraft item over $15.00, we will charge you a fee of $10 each time we pay an overdraft item of $5.01 to $15.00.
- We will not charge you a fee if your account is overdrawn by $5.00 or less on any given day and/or if the item presented is $5.00 or less.
If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, CSD Credit Union will charge a return item fee each time it returns the item because it exceeds the available balance in your account. If, on re-presentment of the item, the available balance in your account is sufficient to cover the item CSD Credit Union may pay the item, and, if payment causes an overdraft, charge an overdraft fee.
If you want us to pay overdrafts on ATM and everyday debit card transactions, complete and submit this form.
You have the right to revoke your decision at any time.