Overdraft Protection
Overdrafts happen. We've got you covered!
You’ve written a check for a service or try to swipe a card to pay for dinner, and the money isn't in your account. If the transaction declines, you could be facing an awkward situation (and expensive fees). We’ve got you covered! Every Sandia Area checking account features Overdraft coverage for ACH payments to avoid the stress of a bounced check or unpaid bill (does not cover debit card transactions). Want your debit card transaction covered as well?
Important Information
We will not authorize to pay overdrafts for ATM or one-time debit card transactions unless you opt in for this extended coverage. Please read the following information and complete form below to request Overdraft Protection for these types of transactions.
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. This could result in costly fees and awkward moments. With Overdraft Protection, Sandia Area can cover your overdrafts in two different ways:
- Checks and ACH Sandia Area will strive to pay the draft, if you qualify, and your account will show as negative.
- FREE Transfer Coverage You may set up another funding account, such as a line of credit or a savings account, to automatically transfer money from in the case of an overdraft. To learn more, ask us about these plans.
Fees apply for overdraft protection. See the Fee Schedule for more information.
What are the standard overdraft features that come with my account?
We may 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 may 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 each time we pay an overdraft
- Your account will need to have a positive balance within 30 days
Opt in to the Overdraft Protection Program
To opt in to the Overdraft Protection program for your ATM and one-time debit card transactions, fill out the form below. To opt out of this coverage, call the Member Contact Center at 505-292-6343.
Overdraft Protection is not a loan. In the event of an overdraft, we will first attempt to clear the item by using any transfer plan you may have in place. You will receive notification when transactions are paid using your Overdraft Protection benefit. Please note that we are not obligated to notify you before we pay or return an item or deny a transaction. Program parameters include:
- A fee will be assessed for each overdraft
- 30 days to bring the account back to positive status
- You may opt out of Overdraft Protection for ATM and one-time debit transactions by speaking with a branch representative or by calling our Member Contact Center at 505-292-6343.
