Overdraft Protection

Ohio Catholic offers two forms of overdraft protection: Standard Overdraw Transfer Protection and Courtesy Pay Overdraft Protection.

Standard Overdraft Protection
With Standard Overdraw Transfer Protection, Ohio Catholic will honor your pre-set instructions to take the funds from your savings, secondary checking, or credit card account and transfer it to your checking account under the same membership number in order to cover a shortage of funds.  There is a $5 per transfer fee associated with Standard Overdraft Protection. In accordance with Regulation D, you may be charged a fee if the number of automatic transfers from any type of savings account exceeds six within one month.  To set up Standard Overdraw Transfer Protection, call or visit any Ohio Catholic Branch and a Member Service Representative will be happy to assist you.

REG E Opt In/Opt Out
Courtesy Pay Overdraft Protection
Courtesy Pay Overdraft Protection covers your insufficient funds, up to $500.00, for a fee per covered transaction.  Courtesy Pay Overdraft Protection allows Ohio Catholic to provide a higher level of service to our members by helping protect your account and reputation when an inadvertent overdraft occurs.  Whether your overdrafts will be paid is at the discretion of the credit union and we reserve the right not to pay.  Courtesy Pay Overdraft Protection is a non-contractual courtesy; it is not a loan, no additional agreements need to be signed, and it costs nothing unless the privilege is used.  Eligibility is available 90 days after membership is established and is based on responsible account management.

Federal regulators have made changes to the way that courtesy pay overdraft services are handled.  Ohio Catholic will continue to honor checks and electronic transactions 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.  If you do not 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:

Ohio Catholic Federal Credit Union
13623 Rockside Road
Garfield Heights, Ohio 44125

Authorization to Revoke Courtesy Pay Overdraft Protection– Ohio Catholic Federal Credit Union will discontinue its payment of such  overdrafts as soon as possible after receiving notice of your revocation.  Any joint owner of the account may revoke the agreement.  Please send written notice of desire to revoke Courtesy Pay Overdraft Protection to Ohio Catholic’s Garfield Heights branch office.