An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in three different ways:
- Automatic transfer from savings account
- We offer standard overdraft practices that come with your account
- We also offer overdraft protection loans, such as an overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these loans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if ARC Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $35 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want ARC Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete and submit this form.
Please allow one full business day for your selection to become effective.
You have the right to revoke your decision at any time.