OVERDRAFT COVERAGE OPTIONS:
OVERDRAFT PRIVILEGE AND OVERDRAFT PROTECTION
Life happens! Texas Plains Federal Credit Union understands that unexpected overdrafts occur from time to time - Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection (Link to Another Deposit Account you have at Texas Plains Federal Credit Union)1||No fee per transfer up to 6; $5 for each transfer after.|
|Overdraft Privilege||$20 Overdraft Fee per item|
1Call us at 806-373-6641, email us at firstname.lastname@example.org, or come by a branch to sign up.
Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Texas Plains Federal Credit Union for a fee.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section at the bottom of this page for other important information.
Transactions Covered with
(No action required)
(Your consent required on consumer accounts) *
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
If you would like to select Extended Coverage for future transactions, call us at 806-373-6641, visit any branch, complete a consent form (link below) and mail it to us at 804 S Madison, Amarillo, TX 79101, or email us at email@example.com.
*If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue the Overdraft Privilege in its entirety by contacting us at 806-373-6641 or sending us an email at firstname.lastname@example.org.
What Else You Should Know
- A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
- The $20 Overdraft Fee that is charged if you overdraw your account is the same fee amount that is
charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item Fee of $20. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
- If an item is returned because the available balance in your account is not sufficient to cover the check or item and the check or item is presented for payment again, Texas Plains Federal Credit Union will charge a return item fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the check or item Texas Plains Federal Credit Union may pay the check or item, and, if payment causes an overdraft, charge an overdraft fee.
- For consumer accounts, there is no limit on the total Overdraft Fees per day we will charge.
- This describes the posting order for purposes of determining overdrafts. Our general policy is to post
items throughout the day and to post credits before debits. Paper checks are posted lowest to highest dollar amount, while ATM, ACH and debit card transactions are posted in the order in which the items are received. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
- Although under payment system rules, Texas Plains Federal Credit Union may be obligated to pay some unauthorized debit card transactions, Texas Plains Federal Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
- Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account
(Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
- Texas Plains Federal Credit Union authorizes and pays transactions using the available balance in your account. Texas Plains Federal Credit Union may place a hold on deposited funds in accordance with our Membership Agreement, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Overdraft Privilege amount is not included in your available balance provided
through Texas Plains Federal Credit Union’s online banking, mobile banking, or audio response.
Texas Plains Federal Credit Union will place a hold on your account for any authorized debit card
transaction until the transaction settles (usually within three days) or as permitted by payment system
rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
- Except as described herein, Texas Plains Federal Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
- Texas Plains Federal Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
- Texas Plains Federal Credit Union may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
- Texas Plains Federal Credit Union may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or Phone Number(s). You must contact us with your correct mailing address and/or Phone Number(s) to have your debit card reinstated.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM while your debit card is suspended. If you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s). You will be charged a $10 debit card reactivation fee when your card is reinstated.
- An Overdraft Privilege limit of $500 will be granted to eligible consumer checking accounts opened at
least 35 days in good standing.
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 806-373-6641 or visit a branch.