As a JSC Federal Credit Union (JSC FCU) member, you have access to protection against insufficient funds or overdrawing your account through the following services: Overdraft Protection, Privilege Pay, and Debit Card Privilege Pay coverage. Opting into these services provides peace of mind and ensures your transactions are covered, even when there are not enough funds available in your account. It also safeguards against being charged third-party returned check fees.

If you have any questions regarding our overdraft services, please contact us: 281-488-7070. We are happy to assist you over the phone or in-person at a solution center.

Thank you for your membership with JSC Federal Credit Union. We value the opportunity to help you achieve financial success.

You may find the printable version of the full disclosure available here. To view the full disclosure and update your overdraft preferences online please click here.

 

Overdraft Protection

WHAT IS IT?

Overdraft Protection allows members to link a JSC Federal Credit Union Share (Savings) account or a Line of Credit (based upon approval and credit qualifications) as an Overdraft Protection backup account to help pay any overdraft transactions that may occur on your checking account. The exact amount needed (including the fee) to cover the transaction will be transferred if enough funds are available.

WHAT DOES IT COVER?

All transactions, including ACH, Check, ATM, and Debit Card Purchases are covered.

WHAT ARE THE ASSOCIATED FEES?

Linked Share (Savings) Account

  • $2 fee is charged for each transfer
  • NO Monthly Service fee or startup fee
  • No fee if the transaction amount is less than $5

Linked Line of credit (based on approval and credit qualifications

  • NO monthly service fee
  • Funds are advanced from a loan, which may accrue interest and other fess, as outlined in the line of Credit Terms and Conditions
  • To qualify, you must apply for the loan. The loan is subject to credit qualifications.
  • The loan limit is the max allowed to be pulled for Overdraft Protection.

 

Privilege Pay

WHAT IS IT?

When there are not enough funds available in your checking account, JSC Federal Credit Union may use its discretion to pay any overdraft transactions based on your account history, deposits you make, and the transaction amount. You will be charged a fee when your overdraft transaction is paid. Program limits vary up to $750. Accounts must be in good standing in accordance with deposit account terms and conditions to qualify. This is DISCRETIONARY, and JSC Federal Credit Union does NOT GUARANTEE payment of your overdraft transaction. If JSC Federal Credit Union DOES NOT pay your transaction, the transaction will be declined or returned unpaid. If JSC Federal Credit Union returns an item unpaid, you may also be charged a fee for insufficient funds.

Please Note: If you are enrolled in Overdraft Protection, and you have enough funds in your linked Overdraft Protection backup account, your transaction will be approved, and a transfer will be made.

WHAT DOES IT COVER?

  • Checks
  • Automatic Payments, ACH (e.g. recurring phone bill, mortgage or utility bill)

WHAT ARE THE ASSOCIATED FEES?

  • There is a Privilege Pay fee of up to $28 each time JSC Federal Credit Union pays an overdraft.
  • There is no fee if the transaction amount is less than $5.
  • If JSC Federal Credit Union returns items mentioned above as unpaid, you will receive a $26 insufficient funds fee.
  • There is a daily maximum of 10 Privilege Pay fees ($280) that can be charged.

WHAT IS NOT COVERED?

We may not authorize and pay overdrafts for the following types of transactions unless you enroll in the Debit Card Privilege Pay coverage below.

  • Debit Card Transactions
  • ATM Transactions

HOW DO I QUALIFY?

  • You must be at least 18 years of age
  • You are a consumer, use your account primarily for personal or household purposes, and your account has been opened at least 30 days
  • You have deposits that are equal to the amount of Privilege Pay overdraft extended to you or more in your account within each thirty (30) day period and bring your account balance to a positive balance within every thirty (30) day period
  • You are not in default on any loan or other obligation to JSC Federal Credit Union
  • You are not subject to any legal or administrative order or levy
  • You have elected to opt into the Privilege Pay program

 

Debit Card Privilege Pay Coverage

WHAT IS IT?

Debit Card Privilege Pay coverage allows members to choose how we treat your debit card transactions that post to your checking account. Program limits vary up to $750. Accounts must be in good standing in accordance with deposit account terms and conditions to qualify. Members must be enrolled in Privilege Pay coverage to opt in to Debit Card Privilege Pay coverage. You may choose to opt out of Debit Card Privilege Pay coverage while remaining enrolled in Privilege Pay to cover checks and ACH only.

  • If you OPT OUT of Debit Card Privilege Pay coverage, the debit card transaction will be DECLINED, and you will NOT be charged a fee.
  • If you OPT IN to the Debit Card Privilege Pay coverage, JSC Federal Credit Union may pay the overdraft debit card transaction at its discretion based on your account history, the deposits you make, and the transaction amount.

Please Note: If you are enrolled in Overdraft Protection, and you have enough funds in your linked Overdraft Protection backup account, your transaction will be approved, and a transfer will be made.

WHAT DOES IT COVER?

  • Debit card transactions (both recurring and non-recurring)
  • ATM transactions

WHAT ARE THE ASSOCIATED FEES?

  • If you OPT OUT, we will DECLINE the transaction, and you will NOT be charged a fee. Note: a transaction approved based on a positive ledger will be paid even if the ledger balance is negative at the time of settlement.
  • If you OPT IN, we will PAY the transaction at the discretion of JSC Federal Credit Union, and you will be charged a Privilege Pay fee of up to $28 for each transaction.
  • There is a daily maximum of 10 Privilege Pay fees ($280) that can be charged.
  • There is no fee if the transaction amount is less than $5.

HOW DO I QUALIFY?

  • You must qualify for Privilege Pay. Please refer to the requirements mentioned above under Privilege Pay.
  • You have elected to opt into Privilege Pay and Debit Card Privilege Pay coverage.

 

 

Frequently Asked Questions

Am I required to sign up for one or all of these services?

No. These services are optional but opting in to these services provides peace of mind and ensures your transactions are covered – even if there aren’t enough funds available in your account. It also prevents you from being charged returned check fees that are charged by third parties. You may choose to opt in or out of each service at any time.

Can I elect to have just Overdraft Protection without Privilege Pay and Debit Card Privilege Pay coverage, or vice versa?

Yes. You may choose to opt in for Overdraft Protection while opting out for Privilege Pay and Debit Card Privilege Pay coverage or vice versa. Please refer to the enclosed disclosure for the definitions and to review full details of each service including any applicable fees.

Can I elect to have both options together: Overdraft Protection and Privilege Pay?

Yes. You may elect to opt in to Overdraft Protection and opt in to Privilege Pay. When a transaction is presented where there are not enough funds available in your account, we will process the transaction through your Overdraft Protection account first. If enough funds are not available in that account either, we will process the transaction thru your Privilege Pay based upon our discretion. Please refer to the enclosed disclosure for the definitions and to review full details of each service including any applicable fees.

Can I opt in to Privilege Pay but opt out of the Debit Card Privilege Pay coverage?

Yes. You may elect to opt in to Privilege Pay and opt out of the Debit Card Privilege Pay coverage. If this is your preference, we will pay your ACH, checks, and other automatic payments at our discretion through Privilege Pay but your debit card transactions will not be covered and will be declined. Please refer to the enclosed disclosure for the definitions and to review full details of each service including any applicable fees.

Can I opt out of Privilege Pay but opt in for Debit Card Privilege Pay coverage?

No. You may not opt in to Debit Card Privilege Pay coverage without being opted in to Privilege Pay as well. Please refer to the enclosed disclosure for the definitions and to review full details of each service including any applicable fees.

Do I need to submit a separate form for each of my checking accounts if I have multiple checking accounts?

Yes. If you wish to update your overdraft preferences, please submit a form for each checking account you have. A form is included within the enclosed disclosure. Additional forms are available online: https://www.jscfcu.org/overdraft-options

Can I update my preferences in the future if I change my mind?

Yes. You may opt in or opt out of the overdraft services: Overdraft Protection, Privilege Pay, and Debit Card Privilege Pay coverage, at any time by visiting our website https://www.jscfcu.org/overdraft-options, calling us at 281.488.7070 or visiting a JSC FCU solution center.

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