What You Need to Know About Overdrafts & 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 overdrafts in two ways:
- We have standard overdraft practices that may come with your account.
- We also offer overdraft protection plans, such as a link to another account, cash advance, or line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that may 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 number
- Automatic bill payments
- We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- Everyday debit card transactions
- We pay overdrafts at our discretion, which means we do not guarantee we will always authorize and pay any type of transactions.
- If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Pelican State CU pays my overdraft?
- Under our standard overdraft practices, you will be charged the following:
- 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 Pelican State CU to authorize and pay overdrafts on my everyday debit card transactions?
If you want us to authorize and pay overdrafts on everyday debit card transactions, you may extend coverage by completing the form below or calling us at 1-800-351-4877.