Overdraft Protection Options
CCU offers several ways to help you avoid bounced checks, payment denials, merchant returned item fees, late fees, and negative information being reported to check reporting systems.
How? |
Account Alerts |
Text Message Banking |
Overdraft Transfer |
Overdraft Privilege |
Overdraft Privilege Plus |
|---|---|---|---|---|---|
How does it work? |
Helps prevent overdrafts by alerting you when your account drops below a level you have specified |
Get your account balance and immediately transfer funds from another CCU account into your checking account |
Moves money from your CCU Share Savings Account or CCU Line of Credit Account to cover the overdraft |
Checks and electronic transactions are paid to avoid merchant returned item or late fees (checking account balance will go negative) |
Checks, electronic transactions, ATM withdrawals, and point of sale purchases are paid to avoid merchant returned item or late fees (checking account balance will go negative) |
Sign up needed? |
Yes – Set up in online banking and Account Alerts are sent once per day (between 2:00 and 3:00pm) for account activity in the last 24 hours |
Yes - Set up in online banking then send a text command to 454545 to receive real-time, on-demand account information |
No - Automatic with checking account |
No - Automatic with checking account for members age 18+ |
Yes - Members age 18+ can call, send a secure email, or use the Overdraft Services Consent form in eBranch Online Banking |
Can I opt out? |
N/A |
N/A |
Yes |
Yes |
Can cancel at any time by sending a secure email or submitting an Overdraft Service Consent form within online banking and selecting “REMOVE COVERAGE” |
Available for Second Chance Checking? |
Yes |
Yes |
No |
No |
No |
Available for Student Checking? |
Yes |
Yes |
Yes |
No |
No |
Available for Business Accounts? |
Yes |
Yes |
Yes |
Yes |
Yes |
Overdraft fee? |
N/A |
N/A |
$10 per occurrence |
$30 per occurrence |
$30 per occurrence |
ATM withdrawal covered? |
N/A |
N/A |
Yes |
No |
Yes |
Checks and electronic transactions covered? |
N/A |
N/A |
Yes |
Yes |
Yes |
Point of sale purchase with debit card covered? |
N/A |
N/A |
Yes |
No |
Yes |
Available for Money Market Checking or Health Savings Account? |
Yes |
Yes |
No |
No |
No |
Funds needed in Savings or Line of Credit Account? |
N/A |
N/A |
Yes |
No |
No |
Limit covered? |
N/A |
N/A |
Up to funds available in your Savings or Line of Credit Account |
Member Service Representative will advise when you open your account |
Member Service Representative will advise when you open your account |
More info |
FAQs
What is the difference between Overdraft Transfer and Overdraft Privilege?
Overdraft Transfer automatically transfers funds from your CCU Share Savings Account or CCU Line of Credit Account to cover the overdraft, and there is a fee of $10 per occurrence. With Overdraft Privilege, your checks and electronic transactions are paid even though you do not have the amount available in your checking account so you can avoid merchant returned item fees, late fees, and negative information being reported to check reporting systems, and there is a fee of $30 per occurrence.
How does Overdraft Transfer work?
If a payment presented is more than your available checking account balance, the additional funds will be transferred from your source account and you will only pay a $10 overdraft transfer fee.* For an Overdraft Transfer to occur, you must have enough funds available in the source account to cover the overdrawn amount. Additionally, if your source account is a savings account, the transfer cannot cause the source account to exceed 6 withdrawals within a calendar month. There is no monthly or annual fee for this service. You are ONLY charged when an overdraft transfer occurs.
Is there a monthly limit for Overdraft Transfers?
Transfers from Share Savings Account are limited to six (6) per calendar month. The amount transferred is the overdrawn amount plus a $10 transfer fee. There is no limit on the number of overdraft transfers from a Line of Credit Account. Transfers are made in $100 increments and there is no transfer fee.
How do I get overdraft coverage for ATM withdrawals and debit card purchases?
Please call Member Services or send a secure email when logged into the CCU Mobile App or eBranch Online Banking and let us know that you would like to opt in for Overdraft Privilege PLUS. When logged in to eBranch Online Banking, you may choose to use the convenient Overdraft Services Consent form. Click on the "Additional Services" tab, then choose "Overdraft Services Consent" and select ADD COVERAGE and provide the requested information (form not available on the CCU Mobile App).
How does Overdraft Privilege work?
Transactions presented against insufficient funds on your account will be paid with Overdraft Privilege up to your limit. For each item paid using Overdraft Privilege, your account will be charged a fee of $30 for each occurrence. You will then have 30 days to bring your account to a positive balance. Unless you have specifically opted in to cover Debit Card transactions and ATM withdrawals, only items presented to CCU are covered. Examples of items that are covered by the automatic protection would be a check that you have written or an online payment that you scheduled using the CCU routing number and your electronic account number.
Is Overdraft Privilege a loan?
No. Overdraft Privilege is a courtesy automatically extended to qualifying CCU members. CCU will pay your overdraft transactions up to your preset Overdraft Privilege limit. CCU may suspend your Overdraft Privilege benefit at any time.
How am I charged?
There is no annual or monthly fee. You are only charged a fee when Overdraft Privilege is used to pay for an item not covered by the funds available in your account. This fee is currently $30 per occurrence. Qualified items will be paid up to your Overdraft Privilege limit. After that, you will incur an Insufficient Funds Fee of $30 and your item will be returned unpaid.
How do I know when I've used Overdraft Privilege?
You may set up email and text alerts that let you know when your checking account balance has dropped below a certain amount. You may access your account balance at any time by calling our 24-hour Telli Account Access or by logging in to eBranch Online Banking or the CCU Mobile App.
What if I exceed my Overdraft Privilege limit?
Transactions will be returned unpaid if the amount(s) presented against insufficient funds and fee(s) exceed your overdraft privilege limit.
How do I opt in to Overdraft Privilege/Overdraft Privilege PLUS?
- Contact a Member Service Representative at 321.690.2328 or 1.800.690.2338
- Send a secure message through eBranch Online Banking or the CCU Mobile App
- Visit your nearest branch
- In eBranch Online Banking, click on the "Additional Services" tab, then choose "Overdraft Services Consent" and select ADD COVERAGE and provide the requested information
How do I opt out of Overdraft Privilege/Overdraft Privilege PLUS?
- Contact a Member Service Representative at 321.690.2328 or 1.800.690.2338
- Send a secure message through eBranch Online Banking or the CCU Mobile App
- Visit your nearest branch
- In eBranch Online Banking, click on the "Additional Services" tab, then choose "Overdraft Services Consent" and select REMOVE COVERAGE and provide the requested information
What happens if I do not have Overdraft Privilege or Overdraft Transfer?
If you do not qualify for Overdraft Privilege and have not set up Overdraft Transfer from a CCU savings account, you will be charged an overdraft or NSF fee of $30 for each item overdrawn, and your checks will be returned without payment.
Fees for Overdrawing Accounts
Fees may be imposed on each check, draft item, debit/ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal/transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Fee Schedule for current information.
Understanding Your Account Balance
Your checking account has two kinds of balances: the actual balance and the available balance. Your actual balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending. Your available balance is the amount of money in your account that is available for you to use. Your available balance is your actual balance less: (1) holds placed on deposits; (2) holds on debit card or other transactions that have been authorized but are not yet posted; and (3) any other holds, such as holds related to pledges of account funds and minimum balance requirements or to comply with court orders. We use your available balance to determine whether there are sufficient funds in your account to pay items, including checks and drafts, as well as ACH, debit card and other electronic transactions. Pending transactions and holds placed on your account may reduce your available balance and may cause your account to become overdrawn regardless of your actual balance. In such cases, subsequent posting of the pending transactions may further overdraw your account and be subject to additional fees. You should assume that any item which would overdraw your account based on your available balance may create an overdraft. You may check your available balance online at www.ccuflorida.org, in the CCU Mobile App, at an ATM, by visiting a credit union branch or by calling us at 321-690-2328.
Open A CCU Checking Account
For Additional Assistance:
Please contact a Member Service Representative at 321.690.2328 (outside Brevard, 1.800.690.2338) or send an email to memberservices@ccuflorida.org. For your security, DO NOT send account numbers or other private information using this general email address. Private, unpublished personal information should ONLY be sent through Secure Email, which is available within the Mobile App and eBranch Online Banking.
