Overdraft Protection

It's Like Free Insurance For Your Checking Account!

We understand that even the best laid plans can be turned upside down when life unexpectedly happens. Hopefully, you don't have to worry about your checking account having a negative balance, but when an emergency arises you don't want to worry about being declined.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Long Reach Federal Credit Union.

Call us at (304) 652-8363, email us at tish.shull@lrefcu.org, or come by any of our branches to sign up or apply for this service.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.

What Else You Should Know

• A link to another account is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.

• Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.

• Good account management is the best way to avoid overdrafts. Use our Mobile Banking, Internet banking, and Telephone Banking services to keep track of your balance.

• The $28.00 Overdraft Paid Item Fee is lower than the fee that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an appropriate Overdraft Paid Item Fee or an Overdraft Returned Item Fee of $28.00. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.

• We post items in the order that they are processed, which may impact the total amount of Overdraft Paid Item Fees or Overdraft Returned Item Fees assessed.

• Under payment system rules, Long Reach Federal Credit Union may be obligated to pay some unauthorized debit card transactions. Examples may be when you use your debit card at a gas station pump and it processes a pre-authorization for only $1 but the purchase is actually for a larger amount. Another Example is when a restaurant purchase is preauthorized before the tip is included. However, Long Reach Federal Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).

• Giving us your consent to pay every day debit card overdrafts may result in you incurring Overdraft Paid Item Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Paid Item Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.

• Long Reach Federal Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within three business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.

• Except as described here, Long Reach Federal Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).

• We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.

• Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be revoked at any time without prior notice.

• Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, you do not provide us with your current mailing address, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty (30) days for a minimum of one business day.

• Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account and Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.

• Overdraft Privilege limits of $500, are available for eligible Checking accounts opened at least 30 days in good standing.

• If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 1-304-652-8363 or visit a local branch.