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Overdraft PrivilegeOverdraft Privilege is a service that adds a measure of protection to your personal share draft account. Overdraft Privilege may cover your insufficient funds items, up to your approved limit, for one low fee per covered overdraft transaction. That means, instead of returning a share draft to the merchant because of insufficient funds, the Credit Union may pay your item, saving you additional charges from the merchant collection companies, in addition to the Credit Union's insufficient funds fee. It saves you the embarrassment an inadvertent overdraft can cause. It also helps protect your credit rating.
HOW DOES OVERDRAFT PRIVILEGE WORK?
Overdrafts on your share draft account, up to a limit of $500 [including the amount of the overdrawn item(s) and the Overdraft Privilege fee(s) may be honored by HEW Federal Credit Union. A $30 fee will be assessed for each item that draws your account negative. You then have up to 30 days to bring the account current, either through a direct deposit, transfer of funds or a deposit at one of our branch offices.
WHAT IF I ALREADY HAVE OVERDRAFT PROTECTION?
If you have established other overdraft protection methods, such as a line of credit or automatic transfer from your other accounts, we will always look to pay any overdraft by those other methods first before paying your overdraft utilizing Overdraft Privilege and imposing a $25 fee for each overdraft we pay.
DO I HAVE TO APPLY FOR THIS SERVICE?
No. We require no applications or additional signatures. As long as you are a member in good standing, which includes having an account with us for at least 90 days, you make regular deposits to that account, bring your account back to a positive balance regularly and there are no legal orders against the account, your Overdraft Privilege privilege remains activated.
Overdraft Privilege is a way for us to provide a higher level of service to our members by helping to protect your account and reputation when an inadvertent overdraft occurs.
HOW CAN I ACCESS OVERDRAFT PRIVILEGE?
Overdrafts may be paid utilizing your Overdraft Privilege funds up to the limit mentioned above for the following types of transactions:
- Checks
- POS/Debit Card Transactions
- Electronic Transfers
- BillPayer
- Online Banking
- ATM cash withdrawals
- Teller window withdrawals
CALL US FOR MORE INFORMATION
We are happy to review Overdraft Privilege and its features with you, along with giving you other options to add convenience and ease to your account. Please call us at 202.488.5400
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