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Overdraft Coverage

With our busy lives, it’s easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds.

Overdraft Coverage Options:

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

Overdraft Protection

Link to another deposit account you have at CSD Credit Union. ($1.00 fee per transfer*.)

Overdraft Protection

Line of Credit. (Subject to fees; Subject to credit approval)

Overdraft Privilege**

Overdrafts between $5.01 and $15.00 = $10.00 Overdraft Fee.
Overdrafts over $15.01 = $25.00 Overdraft Fee

At CSDCU, we’ve got your back! Our Overdraft Privilege program is for members ages 18 years and older with a personal checking account that has been open and in good standing for at least 60 days. Overdraft Privilege provides protection in the event that you overdraw your account up to $500.00. By paying your overdraft in this way, you will eliminate the extra expense and potential embarrassment of returned checks.

What makes CSD Credit Union's Overdraft Privilege program so valuable?

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee on checks, bill pay items and recurring debits.

  • Less expensive alternative to pay day lending.
  • Competitive fee of $10.00 or $25.00 per item.
  • Up to 32 days to bring the account back to positive status.
  • Avoid fees from merchants for returned checks.
  • Does not require credit approval.

Overdraft Privilege is a non-contractual agreement that requires no action on your part.  You do not have to sign any agreement or other paperwork. This coverage will be extended to you as long as your account remains in good standing.

Even if you have overdraft coverage, such as a transfer from another account, Overdraft Privilege is still available as secondary coverage if the other overdraft sources are exhausted.

How to Give Consent for Extended Coverage

If you choose Extended Overdraft Privilege Coverage, ATM withdrawals and everyday debit card transactions will be included with the Standard Coverage transactions listed above.

If you would like to select Extended Coverage for future transactions:

CSD Credit Union will not pay overdrafts for ATM or everyday debit card transactions unless you have given your consent by extending coverage to the payment of these overdrafts.

With Extended Coverage, this service is available to cover overdrafts caused by ATM and everyday debit card transactions in addition to check, bill pay items and recurring debits.

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.

Debit Card Transactions and ATM Withdrawals

Effective January 1st, 2017, your CSDCU debit card will allow you real-time access to your current Overdraft Coverage. If the funds in your checking account are not sufficient to cover a transaction, any available overdraft protection may be used to authorize and pay a transaction. CSD Credit Union will not authorize your debit card and ATM transactions unless there are available funds (including Overdraft Coverage) to cover the transactions and any fee(s).

With this option, funds may be transferred from a connected account to allow approval of debit card transactions even if funds are unavailable in your checking account. So if you are using your card as a credit at a store, and you do not have sufficient funds in your checking account, your transaction would be approved if you have funds in your connected primary savings account. If funds are not available in your primary savings account, a transaction would be approved if you have limit available on an attached line of credit. Please note that overdraft lines of credit are subject to credit approval.

If you choose Extended Overdraft Privilege Coverage, ATM withdrawals and everyday debit card transactions will be included with the Standard Overdraft Coverage transactions.

Disclosures

Money Management Tools

*In combination with other transfers, this service is limited to 6 uses per month ($1.00 fee per transfer).

**Accounts will be charged the standard Overdraft fee of $25.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item of $15.01 or higher ($10.00 for an overdraft item of $5.01 to $15.00) that is paid and $25.00 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to CSD Credit Union or if your account is subject to any legal or administrative order or levy. More information about overdraft coverage options.

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