OVERDRAFT PRIVILEGE AND OVERDRAFT PROTECTION
Life happens! Southeastern Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection Link to Another Deposit Account you have at Southeastern Credit Union1||$3.00 fee per transfer|
|Overdraft Protection Line of Credit1, 2||Subject to interest|
|Overdraft Privilege||$29.00 Overdraft Privilege Fee per item|
1Call us at (229) 244-2732 or (800) 228-9839, or come by a branch to sign up or apply for these services; 2Subject to credit approval.
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Southeastern Credit Union for a fee or finance charge. Please note that overdraft lines of credit are 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. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.
|Transactions Covered with Overdraft Privilege||Standard Coverage (No action required)||Extended Coverage (Your consent required)*||If you would like to select Extended Coverage for future transactions:
• call us at (229) 244-2732 or
• complete the online consent form found here
• visit any branch
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Online Banking Transfers||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
* If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at (229) 244-2732 or (800) 228-9839.
What Else You Should Know
★ We generally post items in the following order: 1) credits, 2) ATM and debit card transactions (in the order
received), 3) ACH debits (low to high by dollar amount), 4) checks (low to high by dollar amount); however,
exceptions will occur. Holds on funds (described below) and the order in which transactions are posted may
impact the total amount of Overdraft Privilege Fees or Return Fees assessed.
★ A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.
★ Although under payment system rules, Southeastern Credit Union may be obligated to pay some unauthorized
debit card transactions, Southeastern Credit Union will not authorize debit card or ATM transactions unless
there are sufficient available funds (including overdraft coverage options) to cover the transactions and the
amount of any fee(s).
★ Giving us your consent on your consumer account to pay everyday debit card and ATM overdrafts may result
in you incurring Overdraft Privilege Fees for transactions that we would otherwise be required to pay without
assessing an Overdraft Privilege Fee. However, this may allow us to authorize transactions up to the amount
of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that
could result in suspension of your debit card. If you consent to Extended Coverage on your consumer
account, it will remain on your account until you otherwise withdraw it.
★ Southeastern Credit Union authorizes and pays transactions using the available balance in your account.
Southeastern Credit Union may place a hold on deposited funds in accordance with our Deposit Account
Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for
checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds
on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available
overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with
Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus
any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with
Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and
everyday debit card transactions. If the funds in the available balance are not sufficient to cover a transaction,
any available overdraft protection and/or the amount of the Overdraft Privilege limit may be used to authorize
and pay a transaction.
★ Southeastern Credit Union will place a hold on your account for any authorized debit card transaction until the
transaction settles (usually within two business days) or as permitted by payment system rules. In some
cases, the hold may exceed the amount of the transaction. When the hold ends the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available
balance and the transaction is posted to the available balance, an Overdraft Privilege Fee may be assessed.
★ Except as described in this brochure, Southeastern Credit Union will not pay items if your account does not
contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any
★ We may suspend your debit card use if you incur overdrafts in excess of the available funds in your account
including any Overdraft Privilege limit (as described in this brochure). Debit cards on your account will remain
suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft
Privilege limit, is positive and then you contact us.
★ We may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive
calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that
your account balance is positive.
★ We may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or
phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your
debit card reinstated.
★ If you use your debit card for recurring payments, e.g., utilities, and your debit card is ever suspended, these
transactions will be declined or returned to the payee(s). You will need to make other arrangements to make
these payments to the payee(s).
★ Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any
time without prior notice.
★ Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account
becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good
standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one
business day. You must bring your account balance positive for at least one business day to have Overdraft
OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE SUMMARY
★ Overdraft Protection services allow you to link other sources you have with Southeastern Credit Union to your
checking account in order to prevent overdrafts and may be less expensive options than an overdraft.
★ Overdraft Privilege allows you to overdraw your account for a fee of $29 in order to pay a transaction.
★ Overdraft Privilege limits of up to $500 are available for eligible Personal Checking in good standing.
★ Overdraft Privilege limits of up to $1,000 are available for eligible Business Checking accounts in good
★ Standard Overdraft Privilege covers checks, online bill payments, ACH transactions, or automatic/pre-
authorized debits that you establish (insurance premiums, utility bills, etc.).
★ Extended Overdraft Privilege covers ATM withdrawals and everyday debit card transactions on your personal
accounts with your prior consent, in addition to those transactions covered by Standard Overdraft Privilege.
Business accounts automatically have Extended Coverage.
★ Both Overdraft Protection and Overdraft Privilege may enable you to avoid expensive merchant returned-
★ Both Overdraft Protection and Overdraft Privilege may enable you to avoid having your ATM or debit card
transactions declined due to insufficient funds.
★ You must deposit the full amount of the overdraft (within 32 days), including any fees assessed, and maintain
a positive balance for at least one business day to continue to receive Overdraft Privilege.
★ Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and
telephone banking services to help keep track of your balance.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (229) 244-2732 or (800) 228-9839, or visit a branch.