Overdraft Protection Programs
Member Overdraft Privilege™ Policy
Frequently Asked Questions
Overdraft Alternatives
Member Overdraft Privilege is a discretionary overdraft service that provides you a safety net up to a specified amount. Rather
than automatically returning all unpaid non-sufficient funds items that you may have, we will consider, without obligation on our
part, payment of your reasonable overdrafts up to your Member Overdraft Privilege limit.
Your Member Overdraft Privilege limit may be available for checks, automatic bill payments, recurring debit card payments, and
other transactions made using your checking account number. At your request, we may also authorize and pay ATM transfers
and/or withdrawals, as well as everyday debit card purchases. With some exceptions, most of our checking/draft account types
are eligible for this service.
MEMBER OVERDRAFT PRIVILEGE POLICY
Non-sufficient funds/overdraft may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests you initiate;
B) Payments authorized by you; C) The unpaid return of items deposited/cashed by you; D) Charging your account for our applicable service
charges and fees; E) The deposit of items to your account that, according to our Funds Availability Policy, are treated as not yet available.
We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds.
Rather than automatically returning all unpaid non-sufficient funds items that you may have, we will consider, without obligation on our part,
payment of your reasonable overdraft, up to your assigned Member Overdraft Privilege limit, including our fees, if your account has been open
for at least 90 days and your account is in good standing, which includes at least:
(A) Continuing to make deposits consistent with your past practices;
(B) You are not in default on any loan obligation to us; and
(C) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien.
We reserve the right to require you to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand. This
discretionary service will generally be limited to a $1,000 overdraft (negative) balance for eligible personal and business checking accounts.
Our normal fees and charges including, without limitation, our non-sufficient funds (NSF) or overdraft (OD) fees, currently $27.50 per nonsufficient funds or overdraft item, as set forth in our fee schedule, will be charged for each transaction initiated for payment from your
checking account that does not have sufficient collected funds. Typically, we will charge our normal NSF/OD fee whether we approve an
overdraft item for payment or return it unpaid.
Whether your overdrafts will be paid or not is at our sole discretion and we reserve the right not to pay. For example, we typically do not pay
overdrafts if your account is not in good standing as described above, or if you have too many overdrafts. We may refuse to pay an overdraft
for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you.
You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you
before we pay or return any item. The amount of any overdrafts, including our fees that you owe us, shall be due and payable immediately.
If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable,
drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts, including our fees.
Your transactions may not be processed by us in the order in which they occurred. The order in which transactions are received by us and
processed by us can affect the total amount of overdraft fees incurred by you. Please refer to the “Payment Order of Items” section in the “All
About Your Security Service Accounts” disclosure for full details about the order in which transactions are processed by us.
IMPORTANT INFORMATION
Always a Discretionary Service
Our Member Overdraft Privilege does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or
implied obligation of or by us. Our Member Overdraft Privilege represents a purely discretionary courtesy or privilege that we may provide to
you from time to time and may be withdrawn or withheld by us at any time without prior notice or reason or cause. The Member Overdraft
Privilege is subject to change without notice.
If You Need Help
If you need help with your financial obligations at any time, please call our 24/7/365 Member Contact Center at 1-888-415-7878.
Additional Information
• Overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these
expenses.
• Avoid using this service as a short-term loan.
• If you overdraw your account, put money into your account as soon as possible. Remember that you need to put enough money back into
your account to cover both the amount of your overdraft and any fees.
• There is no guarantee that we will cover your checks, ATM withdrawals, debit card transactions, and other electronic transactions that
overdraw your account.
• Make careful records and practice good account management to avoid making transactions or writing checks without sufficient funds
available for withdrawal in your account and incurring NSF/OD fees.
FREQUENTLY ASKED QUESTIONS
How much does Member Overdraft Privilege cost?
There is no cost if you do not use the service; however, you will be charged our standard non-sufficient funds/overdraft (NSF/OD) fee of
$27.50 for each item we pay. “Use” means you initiate an overdraft or non-sufficient funds transaction.
Is Member Overdraft Privilege a Line of Credit or a Loan?
No. Member Overdraft Privilege is a non-contractual, discretionary overdraft service provided to our members whose accounts are in good
standing.
Do I have to apply for Member Overdraft Privilege?
No. Checking accounts that meet our requirements and are in good standing are automatically enrolled in the Member Overdraft Privilege
program. However, Member Overdraft Privilege cannot be used for ATM and one-time debit card transactions without your prior authorization.
Why do I have to provide prior authorization for ATM and one-time debit card transactions to be covered by Member Overdraft
Privilege? How do I provide this authorization?
Federal regulation requires that we obtain your prior authorization to pay these items. If you would like to provide authorization for us to pay
these items, please contact our automated overdraft line at 1-888-617-7328 or log into myBranch Online Banking and click on “overdraft
coverage,” then “ATM/Debit Card Transaction Coverage,” and choose “Opt In.”
What do I have to do to use Member Overdraft Privilege?
Subject to the Member Overdraft Privilege Policy, if you overdraw your account and we choose to cover your overdraft, the transaction will
take place automatically.
How will I know I am overdrawn?
We will mail you a letter to notify you each time a non-sufficient funds/overdraft item is processed on your account.
What if I overdraw more than the limit?
In most instances, any item that exceeds the Member Overdraft Privilege limit will be returned NSF/OD and the standard fee of $27.50 will be
charged to your account.
How quickly do I have to deposit funds to cover an overdraft?
You should bring your checking account to a positive balance as soon as possible. If you are unable to immediately bring your checking
account to a positive balance, you will receive notices from us informing you of the situation and your options. If your account is still negative
after 45 days, your account will be closed and reported to a consumer reporting agency and further collection efforts may begin.
What if I don’t want Member Overdraft Privilege?
You may choose at any time to not participate in the Member Overdraft Privilege by calling our 24/7/365 Member Contact Center at
1-888-415-7878. Without Member Overdraft Privilege, your insufficient funds items may be returned to the payee and/or declined at the point
of purchase. You will still be charged the standard NSF/OD fee of $27.50.
What accounts are eligible for Member Overdraft Privilege?
Personal and business checking accounts are eligible for Member Overdraft Privilege if they meet the following criteria:
• the account has been open for at least 90 days
• the account remains in good standing as defined in the Member Overdraft Privilege policy
What accounts are not eligible for Member Overdraft Privilege?
Savings accounts, money market accounts, public fund/charitable organization accounts, certain trust accounts, youth accounts, and any
other accounts for individuals under the age of 18 are not eligible for this service. We may, in our sole option and discretion, limit the number
of your accounts eligible for Member Overdraft Privilege to one account per household and/or one account per taxpayer identification number.
Are there other additional overdraft protection services
to cover NSF/OD situations?
Yes. You can apply for a Line of Credit or request to have your savings or money market account set up for automatic fund transfers. The
structure and features of these services differ from the Member Overdraft Privilege. Please visit ssfcu.org or call our 24/7/365 Member Contact
Center at 1-888-415-7878 for more information.
What are some of the features of these alternative overdraft services?
Line of Credit
• Cost - This is a variable rate product. Interest will accrue on the amount advanced.
• Coverage - Funds will be automatically advanced into your checking account in increments of $100, up to your approved credit limit.
• Payment - Minimum payment is either $20 or 2% of the balance owed on your account, whichever is greater. Entire balance can be paid
at anytime.
• Action - Must submit an application. Line is subject to credit approval. Rate and credit line amount is based on the member’s
creditworthiness.
Automatic Funds Transfer
• Cost - The first three overdraft transfers in a month are free. A $2.00 fee applies for any overdraft transfer in excess of the first three per
month.
• Coverage - Funds will be transferred up to the available balance in the Savings or Money Market account.
• Action - Must request the accounts to be set up for automatic transfers.
The structure and features of these additional services differ from the Member Overdraft Privilege. Please contact our 24/7/365 Member
Contact Center at 1-888-415-7878 for more information about these additional services.