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Overdraft Protection
Solutions That Keep You Covered
We’ve all done it. Sometimes people get busy and mistakes happen. Forgetting to deposit a check or schedule a transfer can create chaos in your finances by leaving you short of funds in your account to cover a transaction – but it can be avoided with Overdraft Protection.
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. ATFCU offers three types of overdraft protection:
Standard Overdraft Protection
Standard Overdraft Protection comes free of charge with your ATFCU checking/share draft account. This program allows us to transfer available funds in your savings/shares account to your checking account to cover items such as debit card transactions, ACH, and checks. See ATFCU’s EFT Agreement and Disclosure given at time of account opening for transfer limitations.
Privilege Pay Protection
If you qualify for Privilege Pay Protection, ATFCU authorizes and pays overdrafts for the following types of transactions:
- Paper Checks
- A recurring transaction that was made using your Debit Card – such as a gym membership
- Non-Debit card ACH Transaction - such as using your account # to pay a bill
Accounts will be charged the standard Overdraft fee of $32 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $32 for items returned. An overdrawn balance must be repaid within 35 days. We may not pay items under your overdraft privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-five (35) day period for a minimum of 24 hours, if you default on any loan or other obligation to Alcoa Tenn Federal Credit Union or if your account is subject to any legal or administrative order or levy.
Extended Privilege Pay Protection
Your ATFCU checking/share draft account does not automatically come with Extended Privilege Pay Protection. If you qualify and wish to use this service, you must ask for it by submitting the Extended Privilege Pay Coverage Consent Form or calling us at 865-977-3118.
If you tell us that you want this service ATFCU authorizes and pays overdrafts for the following types of transactions:
- ATM Withdrawals
- Everyday Debit Card transactions whether made online or in a retail location
Without this extended coverage, these transactions may be declined.
Accounts will be charged the standard Overdraft fee of $32 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $32 for items returned. An overdrawn balance must be repaid within 35 days. We may not pay items under your overdraft privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-five (35) day period for a minimum of 24 hours, if you default on any loan or other obligation to Alcoa Tenn Federal Credit Union or if your account is subject to any legal or administrative order or levy.
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