WHAT IS IT?

Life happens! We understand that unexpected overdrafts occur from time to time – overdraft coverage can help by covering purchases on your behalf.

  • An added benefit to your checking account
  • Peace of mind while conducting everyday transactions
  • Saves you time and additional fees from merchants

 

OVERDRAFT COVERAGE OPTIONS

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

Service Cost

Overdraft Protection Link to Another Deposit Account you have at Money One Federal Credit Union1

$5 fee per transfer

Overdraft Protection Line of Credit1, 2

Subject to fees and interest

Overdraft Courtesy

$25 per item

1Call us at (301) 925-4600, email us at info@moneyonefcu.org, or come by a branch to sign up or apply for these services; 2Subject to credit approval.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another deposit account, or line of credit you may have at Money One Federal Credit Union for a finance charge. Please note that overdraft lines of credit are subject to credit approval.

Overdraft Courtesy allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Courtesy is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section included for other important information.

Transactions Covered with Overdraft Courtesy Standard Coverage (No action required) Extended Coverage (Consent is required)*

Checks

X

X

ACH – Automatic Debits

X

X

Recurring Debit Card Payments

X

X

Online Bill Pay Items

X

X

ATM Transactions

X*

Everyday Debit Card Transactions

X*

*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Courtesy coverage, it is not necessary to request it again.

You can discontinue the Overdraft Courtesy in its entirety by contacting us at (301) 925-4600 or sending us an email at info@moneyonefcu.org.

What Else You Should Know

  • A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. 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. For additional financial education resources, please visit https://www.moneyonefcu.org/planning-investing/financial-education/free-financial-counseling/.
  • The $25 Courtesy Pay Fee that is charged if you overdraw your account is lower than the fee that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Courtesy Pay Fee or a NSF Fee of $30. All fees and charges will be included as part of the Courtesy Pay limit amount. Your account may become overdrawn more than the Courtesy Pay limit amount because of a fee.
  • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Money One Federal Credit Union will charge a NSF Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Money One Federal Credit Union may pay the item, and, if payment causes an overdraft, charge a Courtesy Pay Fee.
  • Our general policy is to post items throughout the day and to post credits before debits. Paper checks are posted in check number order, while ATM, ACH and debit card transactions are posted in the order in which the items are received. However, because of the many ways we allow you to access your account, the posting order of individual items may differ rom these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Courtesy Pay Fee or NSF assessed.
  • Although under payment system rules, Money One Federal Credit Union may be obligated to pay some unauthorized debit card transactions, Money One Federal Credit Union will ot authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Courtesy Pay Fees for transactions that we would otherwise be required to pay without assessing a Courtesy Pay Fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Pay limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
  • Money One Federal Credit Union authorizes and pays transactions using the available balance in your account. Money One Federal Credit Union may place a hold on deposited funds in accordance with our Membership Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Courtesy Pay limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Courtesy Pay Limit. For accounts with Extended Coverage, the Courtesy Pay Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
  • Please be aware that the Courtesy Pay amount is not included in your available balance provided through online banking, mobile banking or Money One Federal Credit Union’s ATMs.
  • Money One Federal Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two 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, a Courtesy Pay Fee may be assessed.
  • Except as described herein, Money One Federal Credit Union will not pay items if the available balance in your account (including the Courtesy Pay limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • Money One Federal Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Courtesy Pay limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Courtesy Pay limit, is positive and then you contact us.
  • Money One Federal Credit Union may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
  • Money One Federal Credit Union may also suspend your debit card if we are unable to contact you due to an
    incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or
    phone number(s) to have your debit card reinstated.
  • If your debit card is suspended, you will be unable to use your debit card(s) for purchases or to access your account(s) associated with the debit card(s) at the ATM while your debit card is suspended. If you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • A Courtesy Pay limit of $750 will be granted to eligible consumer checking accounts opened at least 60 days in good standing.
  • Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Courtesy Pay may be suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the Courtesy Pay limit reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Courtesy Pay, please call us at (301) 925-4600 or visit a
branch or visit a branch.

I'm Interested!

If you would like to select Extended Coverage for future transactions:

  • Complete the Online Consent Form and email it back to us at info@moneyonefcu.org
  • Complete the Online Consent Form and mail it to us at: Money One Federal Credit Union, PO Box 6398, Largo, MD 20792-6398
  • Call us at: 301-925-4600
  • Visit our branch location or,
  • Use the form below to contact us!

 

GET IN TOUCH!

  • For security reasons, please refrain from including: account numbers, social security numbers or other identification numbers within this online form. If you would like to send a message that references sensitive or specific account information, please send us a secure message. To do this, please log into Online Banking and click send us a Secure Message within the Services section.
  • This field is for validation purposes and should be left unchanged.

Call us (301) 925-4600

Monday-Friday 8:30am-4:30pm

or Contact Us online anytime