What You Need to Know about Overdrafts and Overdraft Fees
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 two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a share/savings account or overdraft line-of-credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
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:
- Share drafts/checks and other transactions made using your checking account
- Automatic bill payments
- ACH transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- One-time 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 the Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $25.00 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 the Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions?
If you want us to authorize and pay overdrafts on ATM and one-time debit card transactions, complete the section below or mail your request in writing to:
Ravalli County Federal Credit Union
501 N 1st St/ PO Box 598
Hamilton, MT 59840
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