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Understanding Overdraft Protection
Credit Union 1 has a variety of Overdraft Protection options to add peace-of-mind to your account.
What is an overdraft?
An overdraft happens when you don’t have enough money in your account to cover a transaction, but Credit Union 1 pays the charge for you anyway. We can cover overdrafts in two different ways.
Overdraft Transfer
allows you to “link” your spending account to a CU1 credit card or savings account, so if an overdraft happens, the funds will be automatically transferred from your “linked” account. Overdraft Transfers from a credit card are fee-free (although interest will accrue per the terms of your credit card). Overdraft Transfers from savings cost a $5 service fee.
Courtesy Pay
allows you to access emergency funds through an overdraft, and overdraft fees apply. With Courtesy Pay on your account, CU1 may authorize and pay overdrafts for checks and other transactions made from your spending account. We may also authorize and pay overdrafts for automatic bill payments and ACH transactions.
It’s important to note that Credit Union 1 pays overdrafts at our discretion.
We do not guarantee that we will always authorize and pay any type of overdraft transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
Courtesy Pay Fees
We will charge you a Courtesy Pay fee each time we pay an overdraft on your behalf, per our Member Service Agreement.
As with returned item fees, Courtesy Pay fees will be assessed to the account on which the overdraft occurs. These fees will add to your negative balance and count toward your overall Courtesy Pay limit.
Transactions will be posted to your account in the order received. This may be different than the order they occurred.
There is no limit on the total fees we can charge you for overdrawing your account.
How do I authorize overdrafts on my ATM and debit card transactions?
If you would like us to pay overdrafts on your ATM and debit card transactions, opt in by calling (907) 339-9485 or (800) 478-2222.
You may revoke your consent at any time.
Cost-Saving Credit Cards
An affordable CU1 credit card can help you take advantage of fee-free overdraft transfers. Plus, you'll earn rewards points for your spending!