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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
  • Minimum line is $100
  • 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 multiples
  • Maximum six transfers per month, per federal regulations
  • See current fee schedule for Share Transfer Fee
  • This service is automatic — no application is necessary 

Privilege Pay1

  • We will generally pay your overdraft items as follows: 1) if your account has been open 30 days or less, up to $100; 2) if your account has been open 31-180 days, up to $500; 3) if your account has been open 181-360 days, up to $750; 4) if your account has been open 361+ days, up to $1,000.
  • A $30 fee will be assessed for each overdraft
  • This service is automatic for checks and ACH transactions. You may choose to opt-in for coverage of ATM and debit card transactions by contacting us.

1An 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 suffi cient funds. Rather than automatically returning unpaid any non-suffi cient funds items that you have, if your eligible account is in good standing, which includes at least: a) you are not in default on any loan obligation to Firelands Federal Credit Union; b) you bring your account to a positive end-of-day balance (not overdrawn) at least once every fifteen (15) days; and c) 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. 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. 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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