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At Tech CU, we provide a wide range of products and services to help you better manage your finances, including overdraft protection for your consumer checking account.
An overdraft occurs when an item such as check is presented for payment, and there are insufficient funds in your checking account to cover the item - but we pay it anyway. Overdrafts can be paid in two different ways:
Overdraft Advantage is a discretionary service under which Tech CU may, at our option, advance funds to pay an item presented against a checking account that does not have sufficient available funds or contractual overdraft protection to cover it. It is not a line of credit or a loan.
When Tech CU receives an item for payment and this amount causes your checking account balance to drop below zero (negative balance), we will, as a courtesy, pay the check or debit transaction up to your Overdraft Advantage limit. The amount by which the item exceeds your available balance in addition to $28 (our non-sufficient funds fee) will be deducted from your checking account.
If paying the item results in a negative balance in your account of less than $5.00, the overdraft fee of $28.00 will be waived only for Debit Card purchases. And, unless you opt-in to coverage of ATM cash withdrawals or everyday debit card purchases that cause an overdraft, these transactions will generally be declined and no overdraft fee will be assessed. If the transaction is a check or ACH Withdrawal, the $28.00 fee is not waived.
No, Overdraft Advantage is a discretionary service and an application is not required. Overdraft Advantage will generally be available as long as you do not opt-out and your account remains in good standing. However, you will need to opt-in to Overdraft Advantage for ATM and everyday debit card transactions.
No. While Tech CU will generally make the service available if your checking account is in good standing, the service is discretionary and we may decline to pay items presented against insufficient funds at any time for any reason. If we do not authorize to pay an overdraft, your transaction will be declined.
We may pay overdrafts on the following types of transactions:
Payment of these items is standard with your checking account. We pay overdrafts at our discretion. We do not guarantee automatic authorization and payment of any type of transaction. You may, if you wish, opt-out of this service, in which case any of these transactions presented against insufficient funds will be declined or returned unpaid.
Under our standard overdraft practice for checks, ACH and online bill payment:
If you do not opt-in to this service and you have insufficient funds to cover the transaction, your debit card or ATM transaction will be declined, and no fee will be charged.
If you change your mind, you can opt back out at any time.
Your Overdraft Advantage limit is the maximum negative balance we will permit on your checking account, and is based on your Relationship Rewards level.
Only one checking account is eligible for Overdraft Advantage. Overdrafts on other accounts will be handled as follows:
Yes, you can opt out at any time. You can do this in the following ways:
Tech CU does not encourage overdrawing your checking account. Overdraft Advantage is intended to cover occasional inadvertent overdrafts if you have not established or do not have available credit or funds in a Tech CU line of credit or share (savings) account to cover the overdraft. Overdraft Advantage is not a line of credit or a loan. We are never obligated to pay an item that would overdraw your account when you do not have available funds or credit to cover it. If we instead return the item unpaid for insufficient funds, a Returned NSF fee is assessed. There is no limit on the total fees we can charge you for overdrawing your account. We may suspend your Overdraft Advantage limit without prior notice for any reason or no reason. We recommend you manage your finances responsibly and encourage you to set up a line of credit or savings account to cover most overdrafts. You may opt-out of Overdraft Advantage at any time, but you are responsible for all overdrawn balances and for keeping your checking account in good standing.