Life happens! Westby Co-op Credit Union understands that unexpected overdrafts occur from time to time – overdraft coverage can help.
Overdraft Coverage Options:
|Overdraft Protection Link to Another Deposit Account you have at WCCU*||$5 fee per transfer|
|Overdraft Protection Line of Credit* **||$5 transfer fee + interest|
|Overdraft Privilege||$20 overdraft fee per item.|
*Contact us at firstname.lastname@example.org or any of our offices to sign up or apply for these services. **Subject to credit approval.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.
WCCU may provide you a $100 limit for eligible checking accounts at account opening. If your consumer account remains in good standing for 60 days, this limit may be increased to $500. If your business account remains in good standing for 60 days, this limit may be increased up to $500 depending on the type of account you have. You will receive a letter informing you if the Overdraft Privilege limit has been increased on your account. 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 WCCU ATMs.
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 WCCU, for a fee or finance charge. Please note that overdraft lines of credit are subject to approval.
There is no fee for having Overdraft Privilege unless you use it. The Overdraft Fee of $20 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 would overdraw your account on the same day, each item would be assessed the
appropriate fee. This is the same fee that WCCU 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.
You can request to discontinue the Overdraft Privilege service in its entirety at any time by contacting us at any of our offices or sending us an email at email@example.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 $20 for all returned items.
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.
NOTE: Business accounts automatically have access to Overdraft Privilege for ATM and everyday debit card transactions. (Extended Coverage).
The types of transactions covered by Overdraft Privilege depend on the coverage selected. See the chart to the right 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. WCCU 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.
|ACH – Auto Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|At the Teller Window||X||X|
|Everyday Debit Card Transactions||X*|