Spent more than we have in our checking account, causing it to go negative. Luckily, we have several handy dandy services in place for just those times. Contingency plans rock!
Automatic Transfer from Savings
If your checking account goes negative, the first thing we do is look at all savings accounts under the same member number as your checking account. If there is money in those accounts to cover the negative amount in your checking account, we will transfer it. The fee for this service is only $4 per transaction. There is no need to sign up for the Automatic Transfer service; we automatically do this for all of our members. Four bucks sure beats a $26 penalty, wouldn’t you say?
Transfer from Other MCCU Accounts
If there are other Members Community accounts (under a different number than your checking account) that you would prefer that we transfer from to cover overdrafts, please let us know. You must be a primary or joint owner on all accounts you list, and you can list as many as you like as well as the order you would like us to transfer from. These transfers cost only $4 per transaction. To set this up, please contact us.
This service is automatically put on checking accounts over 90 days old in good standing (unless you opt out of this service or have had it revoked due to abuse). It allows your checking account to go negative by up to $400 but must be paid back within 30 days. If you choose to opt out of this service, your debit card will be rejected if you don’t have enough funds in your checking account.
Members Community Credit Union may subtract an overdraft fee of $26.00 for each overdraft honored. Primary and all other owners shall be jointly and completely responsible for the overdraft, including the overdraft fee. There is no interest charged on any overdraft or unpaid overdraft charge, nor will there be any late charges or other fees beyond this overdraft charge.
The following transactions will be covered by Overdraft Advance:
- Withdrawals at the teller counter
- Transfers done via phone, electronically or any other method
- Checks and other debits cashed at the teller’s window
- Debit Card transactions / Point of Sale transactions – you must give us permission for this
- Withdrawals from an ATM – you must give us permission for this
- Service or check charges
- Loan payments
- Pre-authorized automatic debits
- Checks issued to a third party
- Items due to uncollected funds and/or chargeback items
- Bill Payer debits
We have the right to: refuse coverage of any overdraft; withdraw any account from this program based on poor performance; discontinue this program at any time.
If you do not want Overdraft Advance on your checking account, please let us know.