What You Should Know About Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your checking account to cover a transaction. When you use a Family First overdraft service, Family First will pay the transaction. We offer a variety of options for Courtesy Pay and overdraft services to fit your financial lifestyle.
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. To discuss which option is best for you, call or text us at 585.586.8225 and talk to a Financial Service Representative.
What overdraft protection options are available to me?
Standard Courtesy Pay is automatically available to members in good standing and provides up to $500 in overdraft coverage for checks, ACH transactions (such as automatic car or mortgage payments) and automatic bill payments.
This is an automatic service that does not require the member to complete an opt-in form. With this program, we DO NOT authorize and pay overdrafts for everyday debit card transactions.
Our Enhanced Courtesy Pay includes all the Standard Courtesy Pay benefits but also allows Family First to authorize and pay debit card transactions up to a $500 negative checking account balance, including applicable fees.
Members MUST opt-in to this service using the form that is provided at account opening or contacting Family First to opt-in.
Share Overdraft Protection is one of our more economical options and links your checking to a savings account. In the event an overdraft is caused by an automatic payment coming out of your checking account, the funds necessary to make the payment would be pulled from the linked savings.
Our MoneyLine is an Overdraft Line of Credit that protects the member from overdraft fees for both debit card transactions and ACH payments by advancing funds in increments of $100 to the checking account. The member is responsible for making monthly payments when there is an outstanding balance on their MoneyLine.
This product is considered a loan and requires a submitted application as well as a credit check. Click here to apply for a MoneyLine.
What fees will I be charged if Family First CU pays my overdraft?
There is no cost to enroll in these programs. You will be charged a fee for each overdrawn item that we pay. Under our overdraft programs:
- A fee of $32.00 will be charged each time an overdraft is paid. For example, if three overdrafts are paid on a single day, it will result in three separate Courtesy Pay These will be reflected on your monthly account statement.
- If a transaction is paid that brings your account $5 negative or less, you will not be charged a Courtesy Pay fee.
- For Standard Overdraft Protection, a fee of $5.00 will be charged each time funds are transferred from a linked savings account to your checking account to prevent an overdraft from occurring.
- If funds are advanced from a MoneyLine the loan balance immediately begins accruing interest at the current rate.
- If the account is overdrawn for 20 or more consecutive days an additional $30 negative balance fee will be charged and overdraft privileges will be suspended.*
- There is no limit on the total fees charged for overdrawing your account.
- If you’re not enrolled in any of these services a $32 non-sufficient funds fee may be charged for each item returned for lack of necessary funds and the overdraft transaction will not be paid.
How can I opt-in or opt-out of these services?
Call or text us 585.586.8225, or email [email protected] if you have any questions or need help opting in or out of these services.
*The credit union may immediately suspend a member’s Courtesy Pay privilege if abuse of the program has been determined. The credit union may also suspend debit card privileges when the use of the Enhanced Courtesy Pay is deemed to be detrimental to either the member or the credit union. If a member who has opted out of Enhanced Courtesy Pay has multiple instances of transactions bringing their account negative the Credit Union may suspend the member’s debit card privileges. The suspension of Courtesy Pay on one account will result in the suspension of Courtesy Pay on all accounts on which the member is a primary or joint owner.