Overdraft Privilege Opt-In
Overdraft Privilege (ODP) coverage is a benefit for qualifying checking accounts* that allows SCCU to authorize check, ATM, or everyday debit card transactions when the transaction amount exceeds your available balance.
1. 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.
While qualified accounts receive this coverage automatically for certain types of transactions, new federal banking regulations that took effect in August 2010 require members to opt-in to receive Overdraft Privilege for ATM and debit card purchases.
If you'd like to opt-in to Overdraft Privilege coverage for ATM and one-time debit card transactions, you can do so using any of the following options. Please be sure to read the disclosures that are provided on the form:
You can opt-in to ATM and Debit Overdraft Privilege coverage by:
• Visiting any SCCU branch to either complete the process during your visit or pick up a form to return via fax or mail
If you have multiple personal checking accounts that have Overdraft Privilege, you must opt-in each of your accounts to continue with your coverage.
If you decide to not opt-in:
• ATM and one-time debit card transactions that overdraw your account will be declined
• You can choose to opt-in at any time
If you decide to opt-in to Overdraft Privilege coverage for ATM and debit card transactions:
• You will incur no fees unless your available account balance is insufficient to cover a transaction
• Insufficient funds fee will remain unchanged at $30 per item
Please note that 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.
If at any time you do not wish to continue with Overdraft Privilege coverage you can opt-out through any of the options listed above.
What You Need to Know about Overdrafts and Overdraft Fees
Contact Space Coast Credit Union
* Important Information about ODP
2. 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.
3. 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.
4. Members have 30 days to bring the account current.