Savings Account Overdraft*

This overdraft option allows the Credit Union to automatically debit your Savings Account to cover your Checking Account should you become overdrawn.

Good to Know:

  • Fee: $2.00 per item 
  • Funds must be available in Savings Account to cover the items 
  • To update your overdraft protection, please visit a branch to update account paperwork 
More Information
  • JSC FCU offers the option to have money pulled from a savings account to cover transactions when there are not sufficient funds in your checking account. This service is free to have on your account (there is no monthly service fee or a start-up fee) but there is a $2 fee for each time the service needs to be used (each time the system has to pull funds from your savings to cover a transaction in your checking.) This fee is charged as long as the transaction utilizes $5 or more of Privilege Pay. If the transaction is less than $5 a fee will not be assessed. There is no limit on the number of times the system can pull from the savings account to cover checking account transactions. The savings account must be an account listed under the same member number as the checking account it is covering. Savings accounts that you are joint on but are listed under a different member number do not qualify to be used for this service.

 

TOP

Privilege Pay Overdraft*

Privilege Pay is an overdraft service we offer to qualified members. This does not cover overdrafts for VISA debit card transactions UNLESS you tell us you want overdraft coverage for these transactions (opt-in).

Good to Know:

  • Fee: $28.00 per item
  • Privilege Pay Overdraft is not a line of credit, and the full balance must be paid back within 30 days
  • To update your overdraft protection, please visit a branch to update account paperwork 
More Information
  • This is offered at the credit union’s discretion. Once your account meets the qualifications, you will be able to utilized Privilege Pay in one of three levels: $300, $500, or $750 to pay transactions. For the purposes of this section, these transactions are ACH and check items only, debit card items are explained in the next section. This level means this is the maximum amount your checking account can be drawn negative (including all applicable fees) in order to pay items when you do not have sufficient funds to pay an item. You may request at any time including at the time of opening your account to opt out of this service. If you do not opt out of this service, a letter will be mailed to the address on file as well as uploaded to documents on your eBanking log in to notify you when you have qualified for each level. At any time if you qualify for a higher level but wish to only have a lower level, you may. For example if you qualify for $750 but wish to only have $300 on your account, this is an option. Each limit of Privilege Pay includes a $28 fee for each use of this service. This means that each time the system has to pay a transaction using Privilege Pay, there is a $28 fee and this needs to be considered when determining how many transactions will be paid with Privilege Pay. This fee is charged as long as the transaction utilizes $5 or more of Privilege Pay. If the transaction is less than $5 (for example a trial or test transaction of change for verifying account connections) a fee will not be assessed. If you need have a limit of $300, a transaction of $300 cannot be paid as that transaction total would actually equal $328 (the transaction amount plus the $28 fee). If you are using this service to pay multiple items please keep this in mind. For example, if you have a limit of $300 and you authorize a payment for $100, $50 and then an additional $100, the second $100 transaction will not pay as the first two transactions equal $206 leaving only $94 available to spend. This amount left to spend must also include the $28 fee so a maximum single transaction of $66 could be paid. Any ACH or checks that were authorized and present to the account but cannot be cleared using Privilege Pay, will receive a $26 return fee. These return fees (in combination or not with Privilege Pay usage and Privilege Pay fees) can exceed the limit of your Privilege Pay level and draw your account negative past that limit. If this is the case, you are still responsible to repay this amount within 30 days. Privilege Pay is not a loan, there is no interest charged on the amount owed but if the amount is not paid back in full within 30 days, the use of Privilege Pay is suspended. If the amount is not paid back in full within 45 consecutive days of drawing the account negative, the account will be forcibly closed and potentially reported for account abuse. Each time Privilege Pay is used and a $28 fee is charged, a letter will be mailed to the address on file as well as uploaded to online banking to notify you of the usage and the number of days you have to repay the account before closure. Once the account has been closed due to exceeding the 45 days, the account will potentially longer be eligible for Privilege Pay. If you are not able to repay the amount within the allotted time but wish to avoid forcible account closure, you may be eligible for a Privilege Pay Loan. This is an interest free loan provided to pay a Privilege Pay balance only. Once this loan is received, Privilege Pay is removed from the account permanently. Please speak with a representative for further details regarding this loan.

 

TOP

Line of Credit Overdraft*

This overdraft protection option allows the Credit Union to automatically debit your line of credit loan to cover your Checking Account should you become overdrawn.

Good to Know:

  • The line of credit is a loan so you will pay interest on the amount you borrow
  • Must qualify and apply for the line of credit as you would any other loan
  • To update overdraft protection, please visit a branch to update account paperwork 
More Information
  • This overdraft protection is free to have and free to use. There are no fees associated with this overdraft protection but the funds are being pulled from a loan. The Line of Credit is a loan and does have an interest rate so any funds used to pay for overdraft protection, there will be interest paid on these funds. In order to qualify for this loan, you will need to apply for the loan and receive an interest rate based on your credit score and income. There is not a limit on the number of times funds can be pulled. The loan limit is the max allowed to be pulled for overdraft protection, please inquire with a representative for the loan amount you would qualify for. If the line of credit loan is delinquent at any time, the system will not pull funds for overdraft protection and will instead go straight to the secondary form of overdraft protection or decline to pay the transaction.

    In addition to any of the above single options for overdraft protection, a member’s account can have multiple options applied to their account to occur in order specified by the member. For example, if you wish to have overdraft protection from savings but then also wish to have Privilege Pay occur in the event that you do not have funds in your checking account or your savings account, this can be applied. The system would first attempt to pull all available funds from your savings account for a $2 fee and then any remaining funds needed to pay the incoming transaction will be pulled from the available Privilege Pay amount and a $28 Privilege Pay fee charged. If there are no funds available in your savings, the system would just utilize Privilege Pay. Then once funds are available in savings again would automatically revert back to pulling funds from savings before attempting to access Privilege Pay. This type of overdraft "stacking" can cause the account to incur multiple types of overdraft fees (if more than one version of overdraft is utilized) but will add an extra level of protection to ensure the transaction is paid.

 

TOP

VISA Debit Card Overdraft*

You can elect to “Opt-In” for Privilege Pay Overdraft on your VISA Debit Card transactions. This service is offered to qualified members. 

Good to Know:

  • Fee: $28.00 per item 
  • This service is offered to qualified members
  • Privilege Pay Overdraft is not a line of credit, and the full balance must be paid back within 30 days
  • To update your overdraft protection, please visit a branch to update account paperwork 
More Information
  • This service is very similar to that of overdraft protection for your account: there are three levels $300, $500 and $750 and each transaction paid incurs a $28 fee. This fee is charged as long as the transaction utilizes $5 or more of Privilege Pay. If the transaction is less than $5 but is not in combination with any other pending authorizations, a fee will not be assessed. For this service, we will not automatically opt your account in as we do with Privilege Pay for your account (meaning to pay ACH and check items). You must sign paperwork requesting that we pay your debit card transactions using Privilege Pay in order to have this service. Please keep in mind that debit card transactions post to your account in the order in which a merchant clears the item. With transactions that are authorized and held, this means they could clear in a different order that authorized and thus cause a number of fees not originally intended by the member. If the debit card purchase is a POS purchase (a purchase where the PIN number was utilized) these will post instantly to the account. For example, if $50 is authorized to the corner store and then a $200 ATM/POS transaction occurs, the $200 transaction will post before the $50 transaction. If at the time of authorization for the $50 transaction there was only $10 available in the checking account, both the $50 transaction and the $200 transaction will incur a Privilege Pay fee each (a total of $56 in fees). If at the time of the $50 authorization, $60 is available in the checking account there would still be a total of $56 fees charged because before the $50 transaction could clear, the $200 transaction posted thus utilizing all funds for that transaction. If the $50 transaction is authorized with $60 available and then clears before the $200 POS transaction is authorized, the only the $200 transaction would incur a Privilege Pay fee. Any debit card transaction that is successfully authorized, must post to the account. For example, if the checking account has a limit of $300 Privilege Pay and has a positive balance of $15, a transaction to a restaurant would be successfully obtained for $15. If then a POS transaction for $260 occurs, a total of $288 would debit the account leaving the available balance negative at this amount. If then there is a tip left on the restaurant purchase making the purchase total $20, this amount will have to post. Since the funds have already been spent on the POS transaction then there will also be a $28 fee charged making the transaction total $48. This will then draw the account to a negative balance of $-336.00. This amount exceeds the $300 limit and will then incur an overdrawn fee of $26. Overdrawn fees can only incur with debit card purchases and these are the only types of purchases that have to post once authorized. ACH and check transactions would instead be returned unpaid with a $26 return fee if there is not sufficient Privilege Pay to pay the item.

 

TOP

*Fees are subject to change. Please reference the Fee Schedule. 

JoomShaper
Locate a Surcharge Free ATM or Shared Branch
Advanced Search

eBanking Login