Overdraft Protection FAQs

Standard Overdraft Protection FAQs

How does Standard Overdraft Protection work?

  • In case there is an overdraft on one of your Ohio Catholic accounts, OCFCU will honor your pre-set instruction to take the monies from one OCFCU account and place it in another OCFCU account in order to cover the shortage.  

Do I have to register for Standard Overdraft Protection service?

  • Yes. You may have already registered for standard overdraft protection when you opened your account.  Otherwise you can register for standard overdraft protection at any OCFCU branch location.

What is the cost of Standard Overdraft Protection?

  • There are no fees to have this protection. You will only be charged if you have exceeded the Regulation D automatic transfers per month limit. See Regulation D and the Fee Schedule for details.

Who is eligible for Standard Overdraft Protection service?

  • All members are eligible.

What account transactions are available for Standard Overdraft Protection?

  • Overdrafts may be paid on checks, debit card transactions, or ACH transactions.

What if I do not have enough funds in my other accounts to cover the shortage?

  • We will have no choice but to but to return your check as NSF or to deny your ATM or debit card transaction, unless you Opt-In for Courtesy Pay Overdraft Protection.

How will I know when I use the Standard Overdraft service?

  • You will receive an overdraft notice in the mail each time items are paid, or returned unpaid. The notice will show the transaction and amount transferred to each account.

 

Courtesy Pay Overdraft Protection FAQs

How does Courtesy Pay Overdraft Protection Work?

  • Overdrafts on your accounts, up to a limit of $500 [including the amount of the overdrawn item(s) and the Courtesy Pay fee(s)] may be honored by OCFCU. A Courtesy Pay Overdraft fee will be assessed for each item that draws your account negative. See Fee Schedule. You are then required to bring your account current, either through a direct deposit, transfer of funds, or a deposit at any branch location. Any deposits received by the credit union will be applied first to your overdrawn balance.

Do I have to apply for Courtesy Pay Overdraft Protection service?

  • Ohio Catholic will continue to honor checks and other transactions made using your checking account number and automatic bill payments as it has in the past.  After August 15, 2010, Ohio Catholic will not be able to authorize and pay overdrafts for ATM and one-time debit card transactions unless you OPT-IN.  Your ATM and one-time debit card transactions will be declined if funds are not available. If you want us to authorize and pay overdrafts on ATM and one-time debit card transactions, you can OPT-IN by calling Ohio Catholic, changing Preferences on overdraft services through It’s Me 247 or sending the completed Courtesy Pay Overdraft Protection Form to the credit union. 

Who is eligible for Courtesy Pay Overdraft Protection service?

  • Eligibility is based on responsible account management. Courtesy Pay Overdraft Protection is not available in the following circumstances:
    • 15 days past due on any credit union loan or delinquent on any other obligation to the credit union
    • Legal or administrative orders, levy, or are currently a party in a bankruptcy proceeding
    • Outstanding balance on an Overdraft Repayment Plan
    • An extended hold on checking account or any other account relationship
    • Primary account holder is under the age of 18
    • A ChexSystems or any other negative indicator 
    • Account has been opened less than 90 days or if account was overdrawn for more than 5 consecutive days during the first 90 days opened
    • Account is a fiduciary trust or escrow account
    • Account is classified as dormant
    • Suspension/Removal of Privilege – Account may be suspended or removed immediately from Courtesy Pay if:
      • Account is not brought to a positive balance within a 30 day period
      • Account fails to meet our eligibility criteria
      • If account meets all the criteria listed above, OCFCU may still remove the privilege if OCFCU believes account is not managed in a responsible manner which may harm you or us

What account transactions are available for Courtesy Pay Overdraft Protection service?

  • Overdrafts may be paid utilizing Courtesy Pay funds up to a limit of $500.00 for the following type of transactions:
    • Checks
    • Debit Card Transactions
    • ACH Transactions
    • ATM Transactions

How quickly must I bring my account up-to-date after using the Courtesy Pay Overdraft service?

  • Accounts should be repaid within 3 business days.  In case of extreme hardship, payment plans are available.  Failure to rectify negative account balance may result in account closure and the credit union taking steps to recover funds.

What if I already have Standard Overdraft Protection?

  • We will look to pay any overdraft utilizing the Standard Overdraft Protection service  before paying your overdraft utilizing Courtesy Pay Overdraft Protection service.

How will I know when I use the Courtesy Pay Overdraft Protection service?

  • You will receive a Courtesy Pay notice in the mail each time items are paid. The notice will show the transaction type, amount, and the Courtesy Pay fee. You should subtract the Courtesy Pay fee(s) from your account register.

Related