Overdraft Protection

Avoid the inconvenience, embarrassment and expense of checks returned because of insufficient funds in your checking account. Firelands Federal Credit Union offers three great options for overdraft protection.

Overdraft Line of Credit

  • Advances are made in multiples of $100.00 
  • Minimum line is $100.00
  • If you carry a balance in your account, the minimum payment is automatically deducted from your checking account on the due date
  • See current fee schedule for applicable fee
  • You must apply for this service since it is considered a loan

Overdraft From Savings

  • Automatically transfers from your savings in $100.00 multiples
  • Maximum six transfers per month, per federal regulations
  • See current fee schedule for Transfer Fee
  • This service is free and automatic - no application is necessary

Privilege Pay

  • We may honor your overdrafts up to the limit allowed
  • If you use Privilege Pay, the normal overdraft item fee will be charged
  • This service is automatic - no application is necessary. You may choose to
    opt-out of this service by contacting a Member Service Representative

Firelands Federal Credit Union Privilege Pay Member Overdraft Disclosure:
An insufficient balance could result in several ways, such as: a) the payment of checks, electronic funds transfers, or other withdrawal request; b) payments authorized by you; c) the return of items deposited by you; d) the assessment of Credit Union service charges; or e) the deposit of items which, according to the Credit Union’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. Rather than automatically returning unpaid any non-sufficient funds items that you have, if your eligible account is in good standing, which includes at least: a) your account has been open 180 days with no items paid into overdraft or returned; b) you are not in default on any loan obligation to Firelands Federal Credit Union; c) you bring your account to a positive end-of-day balance (not overdrawn) at least once every fifteen (15) days; and d) your account is not the subject of any legal or administration order or levy, we will consider - as a discretionary courtesy or service and not a right of yours nor an obligation on our part - approving your reasonable overdrafts. As an alternative, you may wish to apply for a higher overdraft limit or an Overdraft Line-of-Credit. Normally, we will not approve an overdraft for you in excess of your limit including any overdraft handling charge(s). We may refuse to pay an overdraft for you at any time, even though we have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our overdraft funds charge(s) that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/creating the item creating the overdraft, shall be jointly and severally liable for such overdraft, plus our overdraft charge(s). You may be able to access your overdraft checking limit through checks issued to a third party, or ACH debit transactions. LIMITATIONS: Available to member-owned accounts in good standing for personal or household use. We reserve the right to limit participation to one account per household and to discontinue this product at any time.



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