Sometimes mistakes happen — no matter how careful you are with your finances.

We’ve got your back for those unexpected times when you don’t have enough funds in your checking account to pay for expenses.  Whether it’s a bill, a recurring expense, or an everyday purchase with your debit card, we have options to help you out.

With our Overdraft Protection Options, you can avoid the inconvenience of an overdrawn account and expensive overdraft charges.


What is Overdraft Protection (Automatic Account Transfer)?

If you don’t have enough money on deposit in checking, we’ll transfer funds from your selected savings account or another checking account in increments of $50.00 to help cover items you’re paying from your checking account. You will pay $10.00 per posting.

Overdraft Protection services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account, or line of credit you may have at Service One Credit Union, for a $10.00 fee. Please note that overdraft lines of credit are subject to credit approval.


What Is Overdraft Privilege?

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.

Service One Credit Union may provide you a specific Overdraft Privilege limit depending on the type of account you have. You will receive a letter approximately 30 days after account opening for consumer accounts (90 days for student accounts), or after 60 days for business accounts, informing you that Overdraft Privilege has been activated on your account. You do not have Overdraft Privilege until you receive this notification.

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

Please be aware that the Overdraft Privilege amount is not included in your balance provided through online banking, telephone banking or Service One Credit Union ATMs.

How Much Does Overdraft Privilege Cost?

There is no fee for having Overdraft Privilege unless you use it. The Overdraft Fee of $28.95 will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM withdrawals, in-person withdrawals, or by other electronic means. If multiple items overdraw your account on the same day, each item will be assessed the appropriate fee. This is the same fee that Service One Credit Union charges for items returned to the payee due to insufficient funds.

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 the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account and Disclosure Agreement.

What if I want Service One Credit Union to pay my ATM and everyday debit card overdrafts (Extended Coverage)?

If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Extended Coverage), tell us by using one of the methods below.

What Are My Overdraft Coverage Options?

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

Service

Cost

Overdraft Protection Link to Another Deposit Account you have at Service One Credit Union1

  $10.00 fee per transfer

Ready Reserve (Overdraft Protection Line of Credit1,2)

Subject to $10.00 fee per transfer + interest

Overdraft Privilege,2

$28.95 overdraft fee per item

       1Contact us at 800-759-8500 or odp@socu.com, or come by a branch to sign up or apply for these services.

        2Subject to credit approval.

 

What Types of Transactions Does Overdraft Privilege Cover?

The types of transactions covered by Overdraft Privilege depend on the coverage selected. See the chart below for more information.

If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. Service One Credit Union will not authorize overdrafts for everyday debit card and ATM transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing Extended Coverage. Business accounts automatically have Extended Coverage.

 

What type of transactions does Overdraft Privilege cover?

 

Standard Coverage

(No action required)

Extended Coverage

(Your consent required)* 

Checks X X
ACH -Automatic Debits X X
Recurring Debit Card Payments X X
Online Bill Pay Items X X
Interest Banking Transfers X X
Telephone Banking X X
At the Teller Window X X
ATM Transactions     X*
Everyday Debit Card Transactions     X*

 

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

Please be aware that the Overdraft Privilege amount is not included in your balance provided through online banking, telephone banking or Service One Credit Union ATMs.

Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account and Disclosure Agreement.


What You Need to Know About Overdraft Privilege Opt-In?

Federal Regulations require members who are eligible for overdraft protection, Service One Overdraft Privilege program, to opt-in to have their ATM and everyday debit card transactions covered. Below are answers to frequently asked questions.


 What Else Do I Need to Know?

We generally post items in the following order:

1) credits, 2) ATM and debit card transactions (as presented), 3) ACH debits (low to high by dollar amount), 4) checks (by low to high dollar

amount); however, exceptions will occur. Holds on funds(described below) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Fees assessed.

A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.

Although under payment system rules, Service One Credit Union may be obligated to pay some unauthorized debit card transactions, Service One Credit Union will not authorize debit card or ATM transactions unless there are sufficient available funds (including overdraft coverage) to cover the transactions and the amount of any fee(s).

Giving us your consent on your consumer account to pay everyday debit card and ATM overdrafts may result in you incurring overdraft fees for transactions that we would otherwise be required to pay without assessing an overdraft fee. However, this may 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.

Service One 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. Service One Credit Union may place a hold on deposited funds in accordance with our Deposit Account Agreement and 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.

Service One 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 may be assessed.

Service One 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. If you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s) if your debit card is ever suspended.

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 thirty-two (32) days for a minimum of one business day.


Overdraft Protection and Overdraft Privilege Summary

★Overdraft Protection services allow you to link other sources you have with Service One Credit Union to your checking account in order to prevent overdrafts and are less expensive options than an overdraft.

★Overdraft Privilege allows you to overdraw your account for a fee of $28.95 in order to pay a transaction.

★Overdraft Privilege limits of up to $500/$250 (student) are available for eligible Personal Checking accounts opened at least 30 days/90 days (student) in good standing.

★Overdraft Privilege limits of up to $500 are available for eligible Business Checking accounts opened at least 60 days in good standing.

★Standard Overdraft Privilege covers checks, online bill payments, ACH transactions, or automatic/pre-authorized debits that your establish (insurance premiums, utility bills, etc.)

★Extended Overdraft Privilege covers ATM withdrawals and everyday debit card transactions on your personal accounts with your prior consent, in addition to those transactions covered by Standard Overdraft Privilege. Business accounts automatically have Extended Coverage.

★Both Overdraft Protection and Overdraft Privilege may enable you to avoid expensive merchant returned-check charges.

★Both Overdraft Protection and Overdraft Privilege may enable you to avoid having your ATM or debit card transactions declined due to insufficient funds.

★You must deposit the full amount of the overdraft (within 32 days), including any fees assessed, and maintain a positive balance for at lease one business day to continue to receive Overdraft Priviledge.

★Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to help keep track of your balance. 


What If I Don't Want Overdraft Privilege?

You can request to discontinue the Overdraft Privilege service in its entirety at any time by contacting us at 270-796-8500 or sending us an email at odp@socu. com. Without Overdraft Privilege, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Overdraft Protection available to cover the item(s). You will be charged the standard return fee of $28.95 for all returned items.

What should you do if you have a problem or complaint about courtesy overdraft-protection, or bounce coverage, plans?

If you have a complaint, first try to resolve the problem directly with your bank, savings and loan, or credit union. If you are unable to resolve the problem, you may want to file a complaint with one of the state or federal agencies responsible for enforcing consumer banking laws.

★Call us at 270-796-8500.

★Visit our website at underline: www.socu.com.

★Visit one of our convenient branch locations.

★Send us an email at odp@socu.com.

★Complete the Consent Form, which is available at any branch and was previously provided you, and mail it to us at:

    P.O. Box 51770, Bowling Green, KY 42102-6770. 


Business accounts automatically have access to Overdraft Privilege for ATM and everyday debit card transactions. (Extended Coverage).

Go to main navigation