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:

1. We have standard overdraft practices that come with your account.

2. We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To earn 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

Effective July 1, 2010 for new members and August 15, 2010 for current members, we will not authorize and pay overdrafts for the following types of transactions unless you ask us to:

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means do not guarantee that we will always authorize 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 Stark Federal pays overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $35 each time pay an overdraft.
Also, if your account is overdrawn for five or more consecutive business days, we may charge an additional $5 per day.
There is a limit of eight total fees per day for overdrawing your account.

What if l want Stark Federal 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 complete the form below and click Submit. You have an ongoing right to reverse your decision at any time.

 



Please note that your selection will not become effective until August 15, 2010. You have the right to revoke your decision at any time.

 

I want Stark Federal Credit Union to protect and pay overdrafts on my ATM and everyday debit card transactions.
   
I do not want Stark Federal Credit Union to protect and pay overdrafts on my ATM and everyday debit card transactions.
   
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