Overdraft/Negative Balance Services Consent

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 check or ATM/Debit Check Card 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 an overdraft protection plan, with a link to a share/savings account. With overdraft protection, available savings funds are automatically transferred (3 times/month at no charge) whenever they are needed. A $15.00 transfer fee will be incurred after 3 transfers have been exceeded.

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:
• Share drafts/checks, and other transactions made using your checking account
• Automatic bill payments
• ACH transactions
• We do not authorize and pay overdrafts or let accounts go negative for the following types of transactions unless you ask us to (see below):
• ATM transactions
• Everyday debit card transactions
• We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and 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 the Credit Union pays my overdraft?

• We will charge you a fee of $15.00 each time we pay an overdraft via sharelink after 3 transfers have been exceeded.
• Available shares will be transferred to cover overdrawn item (3 times/month at no charge).
• There is no limit on the total fees we can charge you for overdrawing your account.
• We will charge a $30.00 fee each time we pay an ATM/ Check Card transaction that causes your account to go negative.

What if I want the Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete and submit the form below.

If there are multiple owners on the ATM and/or debit card account, either account owner can act on behalf of all owners on this account. Only one (1) account owner signature is needed to add or remove the overdraft coverage.

By pressing the "submit this application" button you are electronically signing this application and authorize First Class FCU to apply the selected Overdraft/Negative Balance Service to my account.