Have you ever had a situation where you are making a purchase with your debit card and suddenly realize that the check you meant to deposit a few days earlier is still sitting in your wallet? You worry and wonder whether that purchase will go through. We can help ease your mind.
At SouthPoint Financial Credit Union, we provide overdraft services to cover those ATM and one-time debit card transactions – saving embarrassment and the extra hassles in your already busy day. We want to be sure you are aware of the overdraft protection options available to you – to ensure your transactions are processed.
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 overdraft practices that come with your account
- We also offer overdraft protection plans, such as a link to a savings account or an overdraft line-of-credit, which may be less expensive than our standard overdraft practices. To lean more, ask us about these plans.
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 and other transactions made using your checking account
- Automatic bill payments
- ACH Transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM Transactions
- One-time 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.
What fee will I be charged if SouthPoint Financial Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee up to $30 each time we pay an overdraft
- There is no limit on the total fees we can charge you for overdrawing your account
What if I want SouthPoint Financial Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions?
If you want us to authorize and pay overdrafts on ATM and one-time debit card transactions, call 877-794-6712, or stop into any of our locations; Sleepy Eye, Springfield, New Ulm, St. Peter, North Mankato, Hutchinson or Waconia.
Applicable Fees: A $30 fee will be charged for each paid or unpaid item. This may result in multiple fees being charged in one day.