We will not authorize to pay overdrafts for certain types of transactions unless you opt-in to our Courtesy Pay + Overdraft Program. Please read the following information and complete form below to opt-in for Sandia Area Federal Credit Union Courtesy Pay + Overdraft Program.
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 transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
We have standard overdraft practices that come with your account.
We also offer overdraft protection plans, such as a line of credit for those who qualify or a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
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:
- Checks written on your account
- ACH withdrawals from your account
- Online Bill Pay transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- Everyday debit card transactions
- ATM 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 Sandia Area Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $29 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
- Your account will need to have a positive balance within 30 days.