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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 “Important Information 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.

IMPORTANT INFORMATION YOU SHOULD KNOW

  1. A link to another account or line of credit may be less expensive than an overdraft. A single larger overdraft will result in one fee, instead of multiple smaller overdrafts. Use our mobile, internet, and telephone banking services to track your balance. For financial education resources, please visit https://www.moneyonefcu.org/planning-investing/financial-education/free-financial-counseling/.
  2. The $ 25 Courtesy Pay Fee that is charged if you overdraw your account is the 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.
  3. Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Courtesy Pay Fee from funds that you deposit or that are deposited into your account may call us at 301-925-4600 to discontinue Courtesy Pay.
  4. If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Money One Federal Credit Union (“We”) will charge a NSF Fee each time it returns the item because it exceeds the Available Balance in your account. Because we may charge an NSF Fee each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and representment of the item. When we charge an NSF Fee, the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on representment of the item, the Available Balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge a Courtesy Pay Fee.
  5. For consumer accounts, there is no limit on the total Courtesy Pay Fees per day we will charge These exceptions do not apply to business accounts.
  6. This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day in order of receipt. ACH transactions for your account are posted throughout the day in order of receipt; ATM and Debit card transactions are usually deducted from your account immediately at the time of the transaction and throughout the day when they are received, paper checks payments are posted in the order contained in the data file we receive from the Federal Reserve system. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Courtesy Pay Fees or NSF Fees assessed.
  7. Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  8. 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 Disclosures. The total (negative) balance, including all fees and charges, is due and payable upon demand.
  9. We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not 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).
  10. 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.

Understanding your Available Balance: Your account has two kinds of balances: The Actual Balance and the Available Balance.

  1. We authorize and pay transactions using the Available Balance.
  2. Your Actual Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
  3. Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Actual Balance, less any holds due to pending debit card transactions or other transactions that have been authorized but are not yet posted; holds on deposited funds; and any other holds, such as holds related to pledges of account funds and minimum balance requirements or to comply with court orders.
  4. The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Courtesy Pay limit and any available Overdraft Protection.
  5. The balance used for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Protection but does NOT include the Courtesy Pay.
  6. The balance used for authorizing ATM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Protection and includes the Courtesy Pay.
  7. Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft.  Note that we may place a hold on deposited funds in accordance with our Funds Availability Policy Disclosure, which will reduce the amount in your Available Balance.
  8. 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 ATM’s.
  9. We 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.
  10. Except as described herein, we 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).

Understanding Courtesy Pay Limits

  1. A Courtesy Pay limit of $ $750.00 will be granted to eligible consumer checking accounts opened at least 60 days in good standing.
  2. 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 full Courtesy Pay limit reinstated.

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

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or Contact Us online anytime