CONSENT FORM FOR OVERDRAFT SERVICES
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 overdrafts practices that come with your account.
- We also offer overdraft protection plans, such as a link to another account or line of credit, which may be less expensive than our standard practices.
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:
- Checks, in-person withdrawals, ACH transactions, pre-authorized automatic transfers
- Automatic bill payments, internet banking transfers, telephone banking transactions
- Recurring debit card transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday 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.
Overdraft Services Fees:
Under our standard overdraft practices:
- We will charge you a fee up to $25.00 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
ATM and One-Time Debit Card Transaction Acknowledgement
- I understand that Courtesy Pay for ATM & One-Time Debits is an elective service.
- I understand that I will be charged a $25.00 fee per overdraft transaction.
- I understand that if there are multiple owners on your account, any account owner can act on behalf of all account owners. Only one (1) account owner acknowledgement is needed to add or decline/remove the overdraft coverage.
By selecting the **ENABLE** option within our account opening platform, I am stating that I want the Credit Union to authorize and pay overdrafts on my ATM and One-time debit card transactions.
Revoking Overdraft Services
I understand that I have the right to revoke this coverage or any other Overdraft Services at any time by contacting the Credit Union in person, via phone, chat or email.
- SouthPoint Financial Credit Union – 924 Main Street E, Sleepy Eye, MN 56085
- 877-794-6712
- [email protected]
* A full description of these services is available in the Overdraft Services Program Details document. This document was included at the time of account opening and can also be made available to you upon request.