Overdraft Privilege at Space Coast Credit UnionWhat will you do if:
- ...an unexpected medical emergency occurs?
- ...your refrigerator stops working?
- ...your child's college textbooks cost more than you expected?
- ...a natural disaster forces you to evacuate and you need cash before payday?
Overdraft Privilege can help you get over those unexpected "bumps in the road."
Overdraft Privilege (also called ODP) is one of the many benefits of your personal checking account. Overdraft Privilege can save you embarrassment when you make an honest mistake balancing your checkbook, have unplanned expenses, or run short on cash between paydays.
Instead of returning checks unpaid, SCCU will automatically pay them up to your Overdraft Privilege limit. Limits are based on your account relationship with SCCU. (Please refer to your account opening package, visit a local branch, or call the Member Service Center for more information concerning your specific limit.)
Overdraft Privilege coverage is available on qualified checking accounts* that have been opened for at least 30 days and are maintained in good standing. There is no cost for this service. You are only assessed the $30 Overdraft Privilege fee when you overdraw your account and ODP covers the overdrawn amount.
While Overdraft Privilege automatically covers most check and Bill Payer transactions, it does not automatically cover ATM and one-time debit card transactions. Federal banking regulations that took effect on August 15, 2010 now require us to obtain your authorization to opt-in before we can provide ODP coverage on ATM and one-time debit card transactions.
Click on the questions below for more important information about Overdraft Privilege and opting-in to ODP coverage on ATM and one-time debit card transactions.
Say you write a check, pay a bill, or have an automatic payment presented for payment:
- If funds are not available and you've exhausted your other overdraft resources, Overdraft Privilege (ODP) will allow your transaction to be paid up to your limit (for qualified checking accounts*)
- You will be charged $30 per item presented and covered by Overdraft Privilege
ODP is not a loan. The credit union allows you to overdraw your account up to your ODP limit as a non-contractual courtesy. This service can be withdrawn at any time by the credit union.
A notification is sent to you when your account is overdrawn. If your account continues to remain overdrawn, reminder notifications will be sent periodically until you bring your account to a positive balance. You can also review your notices through Online Banking.
You have up to 30 days to pay any overdrawn amount from the time your account goes into a negative balance. However, SCCU reserves the right to ask for repayment at any time. Your credit rating will not be affected if you bring your overdrawn account to a positive balance within the required 30 days.
Transactions that are automatically covered by Overdraft Privilege for qualified accounts and do not need your affirmative consent are:
- In-clearing checks (checks you have issued)
- Teller withdrawals or check cashing
- ACH debit (electronic payments you have set up with a service provider or individual to debit your account for utilities, cable, cell phone, rent, etc.)
- Bill Payer
If your account is eligible for Overdraft Privilege and you've exhausted your other overdraft resources, SCCU will automatically cover the transactions above.
No, ODP does not automatically cover ATM and one-time debit card transactions. New federal banking regulations that took effect on August 15, 2010 that requires us to obtain your authorization to opt-in before we can provide ODP coverage on ATM and one-time debit card transactions.
Visit SCCU.com/opt-in for step-by-step instructions to opt-in to Overdraft Privilege for ATM and one-time debit card transactions.
Visit SCCU.com/opt-in if you'd like to opt-in to Overdraft Privilege coverage for ATM and one-time debit card transactions.
This page provides you with step-by-step instructions for opting-in for Overdraft Privilege coverage using our online form, over the phone, or within any of our SCCU branches.
If you decide to not opt-in, ATM and one-time debit card transactions that overdraw your account will be declined.
- The following checking accounts are not eligible for ODP coverage: Health Savings Checking, Money Market Checking, Trusts, and Custodial Fiduciary accounts.
- All other SCCU checking accounts (including Value Checking and Interest Checking) are eligible for ODP coverage.
Overdraft Privilege is a non-contractual service which allows qualified accounts to go negative in order to pay an item. Automatic Overdraft Transfer Service is a contractual agreement which transfers funds from another account you have at the credit union in order to pay an item.
* Health Savings Checking, Money Market Checking, Trusts, and Custodial Fiduciary accounts are not eligible for ODP coverage. All other SCCU checking accounts are eligible for ODP coverage. Limits are based on your account relationship with SCCU. Please refer to your account opening package, visit a local branch or call the Member Service Center for more information concerning your specific ODP limit. When a transaction is presented that exceeds the ODP limit, it is returned unpaid and the account is charged a non-sufficient/uncollected funds fee of $30. Learn more about opting-in for ATM and debit card transactions.