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:
- We have standard overdraft practices, called Member Privilege, that come with your account upon eligibility.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.
- We offer an overdraft protection line of credit as well as a VISA credit card that can automatically transfer to your checking account to cover overdrafts. These are loans and you must be approved to qualify.
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 August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everday 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.
What Fees Will I Be Charged If Olympia Credit Union Pays My Overdrafts?
- Under our standard overdraft practices:
- We may charge you a fee of up to $30 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What If I Want Olympia Credit Union to Authorize and Pay Overdrafts On My ATM and Everyday Debit Card Transactions?
- If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you must opt-in.
- If you do not take action, you will be automatically opted out of Member Privilege for your ATM and everyday debit card transactions.