Overdraft Privilege

Why be just a member when you can be privileged? Overdraft Privilege is here for you!!

There may be times when the checks you've written add up to more money than is in your account. We can save you the expense and embarrassment of having your checks returned. The Overdraft Privilege does just that.

As long as you maintain your account in good standing, SeaComm may elect to pay your overdraft checks rather than returning them unpaid.

You will be charged service fees for insufficient funds as appropriate.* Checks that are paid through the Overdraft Privilege enable you to avoid the additional expense of another fee charged by the business to whom the check was returned.

Overdraft privilege is optional and you can choose to opt out of this service at anytime.

Overdraft Privilege

Payment of Overdrafts. If, on any day, the available balance in your share or deposit account is not sufficient to pay the full amount of a check, draft, transaction, or other item, plus any applicable fee, that is posted to your account, we may return the item or pay it, as described below. The Credit Union’s determination of an insufficient available account balance may be made at any time between presentation and the Credit Union’s midnight deadline with only one review of the account required. We do not have to notify you if your account does not have a sufficient available balance in order to pay an item. Your account may be subject to a fee for each item regardless of whether we pay or return the item. We may charge a fee each time an item is submitted or resubmitted for payment; therefore, you may be assessed more than one fee as a result of a returned item and resubmission(s) of the returned item.

If we offer standard overdraft services, this service allows us to authorize payment for the following types of transactions regardless of whether your share or deposit account has sufficient funds: (1) share drafts/checks and other transactions made using your checking account, except as otherwise described below; (2) automatic bill payments; (3) and ACH transactions. For ATM and one-time debit card transactions, you must affirmatively consent to such coverage. Without your consent, the Credit Union may not authorize and pay an ATM or one-time debit card transaction that will result in insufficient funds in your account. If you have established a service linking your share or deposit account with other individual or joint accounts, you authorize us to transfer funds from another account of yours to cover an insufficient item, including transfers from a share or deposit account, an overdraft line-of-credit account, or other account you so designate. Services and fees for these transactions are shown in the document the Credit Union uses to capture your affirmative consent and the Schedule of Fees and Charges.

Except as otherwise agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our standard overdraft services or any other service you may have authorized with us or, if you do not have such protections with us, in accordance with any overdraft payment policy we have, as applicable.

*The fee for the payment of each overdraft is $5.00 if the overdraft amount is $9.99 or less. If the overdraft amount is $10.00 or more, the fee for the payment of each overdraft is $25.00. The time period by which the consumer must repay or cover any overdraft is 30 days.