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“The Credit Union has something for everyone, from someone who is financially savvy to a person who just needs basic services.”


– Amy C.
Member Since 2010

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Debit Overdraft Protection FAQs

Q: How does Debit Card Overdraft Protection work?
A: Debit Card Overdraft Protection is an opt-in service that will automatically cover overdrafts you may incur when making everyday purchases with your debit card. This protects you when you don’t have enough money (i.e., insufficient funds) in your account to cover a transaction.

Q: Who is eligible for Debit Card Overdraft Protection?
A: Any Member in good standing with a checking account over the age of 18.

Q: Are ATM card transactions eligible for this protection?
A: Point-of-sale transactions made with an ATM card are eligible for Debit Card Overdraft Protection (if you opt-in). However, withdrawing cash from an ATM is not covered.

Q: Will I be charged a fee for using Debit Card Overdraft Protection?
A: An overdraft fee would only apply if your debit card transaction amount is over $10 and causes your account balance to go below zero by more than $10. Instead of declining the transaction, the Credit Union will (in most cases) approve and pay the transaction and charge you $22 per overdraft transaction. No more than three overdraft fees will be charged per share, per day. 

Q: How do I opt-in for Debit Card Overdraft Protection? 
A: You can opt-in quickly and easily by logging in to Online or Mobile Banking. 

In Online Banking:

  1. Under “Account Services” on the left of the homepage, click “Overdraft Protection”
  2. Select the account you want to apply this protection to, then click “Continue”
  3. Click and review the “Debit Card Overdraft Protection Disclosure”
  4. Check the “Debit Card Overdraft Protection” box towards the bottom of the page, then click “Continue”
  5. Click “Submit”

In Mobile Banking:

  1. Under “My Accounts,” select the account you want to apply this protection to
  2. Select “Overdraft Protection Options” 
  3. Under “Debit Card Overdraft Option,” turn “Debit Card Overdraft Protection” on
  4. Click and review the “Debit Card Overdraft Protection Disclosure”
  5. Click “Submit”

You can also visit a branch to use a computer or iPad to log in and opt-in electronically. 

If you’re not able to opt-in electronically, you can obtain a hard-copy Consent Form by visiting a branch or downloading it from our website at schoolsfirstfcu.org/overdraftprotection; you can submit the form by mail or at a branch. (Please allow 3-7 business days for your hard-copy Consent Form to be processed.)

Q: How will I know Debit Card Overdraft Protection has taken effect after I opt-in?
A: Depending on how you opt-in, you will receive a confirmation notice in your Message Center in Online/Mobile Banking or by mail letting you know Debit Card Overdraft Protection is now turned on. You can also verify the service is active by logging in to Online or Mobile Banking or calling the Credit Union.

Q: If I have more than one checking account, can I apply this protection to all of them?
A: Yes, but you will need to opt-in for Debit Card Overdraft Protection for each checking account separately.

Q: I have rarely overdrawn my account, so why would I need to opt-in for Debit Card Overdraft Protection?
A: We know life gets busy and it’s sometimes easy to lose track of account activity. Debit Card Overdraft Protection can help protect your transactions from being declined when using your debit card for your daily, on-the-go purchases. We’re here to help; just give us a call at 800.462.8328 or visit a branch to discuss your options and see how our overdraft protection plans can best meet your specific needs.

Q: How do I opt-out of Debit Card Overdraft Protection? 
A: You can opt-out of Debit Card Overdraft Protection at any time through Online or Mobile Banking, or by submitting a Consent Form via mail or at a branch. A copy of the Consent Form can be found on our website at schoolsfirstfcu.org/overdraftprotection.

Q: What other overdraft protection options are available through the Credit Union?
A: Below is a summary of all overdraft protection options available to Members:

Overdraft Protection Options Enroll Fees
Savings transfer
Automatically moves money from savings to checking to pay for overdrafts
Sign up via Online or Mobile Banking, over the phone or in person None

Overdraft Protection Loan
Line of credit that protects Members from overdrafts and having transactions denied

Apply and qualify for a loan (up to $5,000) None (interest may accrue
Standard Overdraft Protection2 (for checks and ACH transactions)
Covers overdrafts caused by check and automatic withdrawal transactions
Members automatically enrolled at account opening $22 per transaction1

Debit Card Overdraft Protection2 - New
(for debit card transactions)

Optional coverage that protects Members from having everyday debit card transactions denied

Opt-in via Online or Mobile Banking; complete opt-in/Consent Form in branch; mail/fax opt-in/Consent Form $22 per transaction1

Q: Can I have more than one overdraft protection plan?
A: Yes. You can enroll in or opt-in to any of the overdraft protection options you qualify for. Please feel free to call us at 800.462.8328 or visit a branch to discuss what options are the right fit for you.

Q: If I have more than one overdraft protection plan, which option would be applied first if needed?
A: If you have both a savings transfer and Overdraft Protection Loan in place, you can set the order in which they take effect in Online or Mobile Banking. However, because we want our Members to take advantage of the least expensive overdraft protection options first, Debit Card Overdraft Protection will always be the last option to take effect for debit card transactions since it can incur a fee. Similarly, for check and ACH transactions, Standard Overdraft Protection will always be applied last. 

Q: How is Debit Card Overdraft Protection different from Standard Overdraft Protection?
A: Standard Overdraft Protection covers overdrafts for checks, automatic withdrawals, and transactions made using your checking account number; Members are automatically enrolled in this protection at account opening. Debit Card Overdraft Protection covers overdrafts for everyday debit card transactions, and Members need to opt-in for this service.

 

1Fee applies if transaction amount is over $10 and account is negative more than $10. Members will not be charged more than three overdraft and/or NSF fees per day, per share account. Overdraft fees in their entirety will not exceed account tolerance, as determined by the Credit Union.

2Debit Card Overdraft protection fees: we will charge a $22 fee each time we pay an overdraft. A fee is charged when the transaction is over $10 and your account is negative more than $10. We limit overdraft fees to a maximum of three (3) overdraft fees per day. Negative shares must be paid immediately. Must be at least 18 years old to opt-in for this service. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing.

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