Count on free CEFCU Checking
with great benefits.
Avoid unwanted fees and declined transactions with affordable overdraft protection.
Overdraft Transfer Plan
Avoid overdrawing your account by adding the Overdraft Transfer Plan to your account or contact CEFCU for more information.
Coverage & Fees
Transfers are available in $50 increments from your Savings account or in $200 increments from your Insured Money Market Account (IMMA) as long as funds are available. The maximum cost per day to transfer funds is just $8.
Contact CEFCU to add the Overdraft Transfer Plan to your account or for more information.
Overdraft Protection Plan
This offers protection for non–ATM withdrawals and non–one–time Debit Card transactions. You are automatically enrolled when you open a Checking account or IMMA. It is at our sole discretion to authorize and pay transactions, and a fee would be assessed.
Debit Overdraft Protection
This protection covers Debit Card transactions — even when you don't have the funds in your account.
Not only does Debit Overdraft Protection give you a safety net in case of emergencies, it also allows you to avoid the embarrassment of declined transactions.
Coverage & Fees
for both Overdraft and Debit Overdraft Protection
Debit Overdraft Protection is available for Debit Card or ATM transactions; and when you open a CEFCU Checking account, you receive Overdraft Protection on checks, electronic transfers, and other transactions. As of April 1, 2014, if you need to use it, the fee is $30 per item with a daily limit of $120.
You must repay any overdrawn balance on your Checking account immediately upon notification of the overdraft by depositing the necessary funds into your Checking account. Failure to repay overdrafts in a timely manner will result in account closure.
Frequently Asked Questions
Overdrafts occur when you don't have enough money in your Checking account to cover a transaction, but we pay it anyway. CEFCU can cover overdrafts in two ways.
- CEFCU’s Overdraft Protection Plan.
- An Overdraft Transfer Plan that links to a Savings or Insured Money Market account. There is a fee of $8 per day for overdraft transfers, which may be less expensive than our standard overdraft practices.
You are automatically enrolled in Overdraft Protection when you open a Checking account or IMMA. CEFCU authorizes and pays at our discretion overdrafts made using checks and other transactions made using your Checking or IMMA account number.
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to by enrolling in Debit Overdraft Protection:
- ATM transactions
- Everyday Debit Card transactions
CEFCU pays overdrafts at our discretion, so even if you have opted in for Debit Overdraft Protection, we do not guarantee always to authorize and pay any type of transaction.
What is the difference between Debit Overdraft Protection and the overdraft protection I have currently on my CEFCU Checking account?
The overdraft protection you currently have on your Checking account is called an Overdraft Transfer Plan. It is an inexpensive way to keep you from overdrawing your account. If funds are available, for an $8 charge, money is transferred from your Savings account or Insured Money Market account (IMMA) to cover overdrafts.
Debit Overdraft Protection is an additional type of coverage for everyday ATM transactions and Debit Card purchases. Debit Overdraft Protection gives CEFCU permission to cover a one-time overdraft transaction on your behalf, if it's made with your Debit Card or your ATM Card.
If I already signed up for an Overdraft Transfer Plan, do I have to opt in to the Debit Overdraft Protection, too?
Yes, you must sign up for Debit Overdraft Protection if you would like CEFCU to authorize everyday debit and ATM transactions when you do not have funds available in your account. Without Debit Overdraft Protection, CEFCU will decline ATM and debit transactions if you do not have enough money in your account, which could result in embarrassment or inconvenience to you.
With Debit Overdraft Protection, you can avoid the embarrassment of having a transaction declined at a merchant. You can enjoy additional peace of mind, knowing you have a safety net if you are faced with an emergency purchase when you do not have time to make a deposit.
Will I have to pay a fee if I am overdrawn because of a Debit Card or ATM transaction, and I have opted in for Debit Overdraft Protection?
As of April 1, 2014, if you need to use it, the fee is $30 per item with a daily limit of $120. You will not be charged a fee if the total amount overdrawn that day is less than $5.
To avoid fees, you must make a deposit before 8 p.m. (CT) weekdays and 5 p.m. (CT) Saturdays the day of the transaction.
If you do not opt in to Debit Overdraft Protection, your debit and ATM transactions will be declined if there is not enough money in your account. You will not be charged a fee if you have not opted in to Debit Overdraft Protection and a transaction is denied.
Not necessarily. CEFCU may choose, based on your account history, not to pay a transaction.
To avoid an overdraft fee, you must make a deposit before 8 p.m. (CT) weekdays and 5 p.m. (CT) Saturdays the day of the transaction.
These transactions will continue to be handled the way they are now. If a transaction overdraws your account, your Overdraft Transfer Plan will kick in first (for a $8-per-transfer fee); and if funds are not available, you will be charged an overdraft fee.
If I decide not to opt in for Debit Overdraft Protection, will you still pay when I use my Debit Card and do not have enough in my account?
CEFCU will decline one-time Debit Card or ATM transactions if you do not choose to have Debit Overdraft Protection and there is not enough money in your account to cover the transaction.
Yes. If you do not choose to opt in to Debit Overdraft Protection, CEFCU will simply decline Debit Card or ATM transactions if you do not have the money available in your account. No fees will be charged in this case.
Yes. You can change your opt-in status by using the Debit Overdraft Protection Options form.
Every consumer is different, so it is important to do what's right for you. Your account is automatically enrolled in Overdraft Protection. However, unless you request Debit Overdraft Protection, CEFCU will not authorize Debit Card or ATM transactions if you do not have the money available in your account. If you would like to discuss the different options, contact CEFCU.
If you have questions concerning how to opt in to Debit Overdraft Protection for ATM and Debit Card transactions or would like to sign up for Overdraft Protection or the Overdraft Transfer Plan, please contact CEFCU.