Overdraft Services Authorization

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.
  • We also offer overdraft protection plans such as a personal Overdraft Line of Credit or Overdraft Transfer from your Share Savings Account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

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 unless you ask us to (see below):

  • Everyday debit card transactions (Point of Sale 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.

What fees will I be charged if Prime Financial Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of $35.00 each time we pay an overdraft created by check, ACH or other electronic means.
  • We will charge you a fee of $35.00 each time we pay an overdraft created by everyday debit card transactions (Point of Sale transactions).
  • ATM, Online Banking, TeleTeller and over-the-counter transactions are not covered by overdraft protection and will be denied if funds are not available.
  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want Prime Financial Credit Union to authorize and pay overdrafts on my everyday debit card transactions?

Please complete the form to the left.

Should you change your mind and decide you no longer want us to continue to authorize and pay overdrafts on your everyday debit card transactions, you may revoke your authorization at any time by contacting us either in person, by mail, by phone or online.