First Choice Community Credit Union
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Overdraft Protection Program  

The Member Privilege icon Available as of October 10, 2007: Member Privilege SM overdraft protection.

 

At First Choice we always encourage you to manage your finances responsibly. However, as long as you maintain your checking account in good standing—defined by (1) demonstrating responsible account management, such as making regular deposits to bring your account to a positive end-of-day balance at least once every 30 days (including the payment of all credit union fees and charges); (2) avoiding excessive overdrafts suggesting the use of Member Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account Member Privilege may:

  • Provide you with a safety net up to $400, including paid item overdraft (OD) fees of $28 (per item) that may protect you if you overdraw your account.
  • Save you the unnecessary embarrassment (and additional charges) associated with having a check returned to a merchant.

Member Privilege is a non-contractual courtesy and requires no action on your part. You do not have to sign anything and there are no fees other than our paid item OD fee for each item overdrawn. You will be charged our paid item OD fee of $28 for each item created by check, in-person withdrawals, ATM withdrawals or other electronic means paid under the limit. All negative balances must be brought positive within 30 days. The overdraft privilege limit will not be reflected in your balance provided by a teller or at the ATM. * We reserve the right not to pay if your account is not kept in good standing. Please contact a member service representative for more details.

As in the past, we will continue to notify you if an overdraft occurs. You should not consider or use Member Privilege as a line of credit or as a regular source of funds. It is a service for which you are charged our paid item OD fee of $28. To help you manage your account, the total fees you have paid for NSF items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement.

Please read the policy that follows to further clarify any questions you may have. In the event you would like to have this service removed from your account, please call a member services representative at (865) 637-0112. 

At First Choice Community Credit Union, we believe Member Privilege is one more way we can let you know how much we appreciate your business.

 

Member Privilege SM Member Overdraft Policy

An insufficient balance can result from several events, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) credit union service charges; or (5) the deposit of items which, according to the credit union’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds.

However, if you maintain your account in good standing, we may approve your overdrafts within your current available Member Privilege limit as a non-contractual courtesy. Your account is in good standing if you (1) demonstrate responsible account management—such as making regular deposits to bring your account to a positive end-of-day balance at least once every 30 days (including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Member Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.

In addition, based upon our review of your account management, if we determine you may be using Member Privilege as a regular line of credit by creating excessive overdrafts, we may suspend the privilege without any prior notice. In the normal course of business, we generally pay electronic transactions first and then checks (low to high), per the credit union’s policy. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order of item payment may create multiple overdrafts during a single banking day for which you will be charged our paid item OD fee of $28 for each overdraft paid.

You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type.   So as not to exceed your limit, please note that the amount of the overdraft plus the credit union’s paid item OD fee of $28 per item will be deducted from the overdraft limit.

We may refuse to pay an overdraft for you at any time even though we may have previously paid overdrafts for you. You will be charged a returned item NSF fee of $28 for each item returned. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our paid item OD fee of $25 and/or a returned item NSF fee of $28 that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus our paid item OD fee of $28.

Member Privilege should not be viewed as an encouragement to overdraw your account. As always, we encourage you to manage your finances responsibly. If you would like to have this service removed from your account, please call (865) 637-0112.

Please note that your Member Privilege limit may be available at the teller window, ATM, and through a POS transaction. The limit will not be included in the balance provided during an inquiry.

LIMITATIONS: Member Privilege is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal or household use. First Choice Community Credit Union reserves the right to limit participation to one account per household and to discontinue this service without prior notice.

©1998, 2007 Ann Lee & Associates. All rights reserved.

Member Privilege is a registered trademark of Pinnacle Financial Strategies.

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