Overdraft Protection Services

Optional Overdraft Transfer Plan

Effective May 1, 2024, CEFCU is amending its Deposit Account Agreement, which includes changes to Optional Overdraft Transfer Plan. As of 5/1/24, the Optional Overdraft Transfer Plan can no longer be used to authorize CEFCU Debit Card purchases or ATM Withdrawals.

Covers overdrafts by moving money from a linked CEFCU Savings, Insured Money Market Account (IMMA) or Credit Mastercard® to your Checking account. ^{Footnote 1}

• Your transfers are free of charge ^{Footnote 2}
• You must enroll and be approved by CEFCU
• You must have enough available funds in your linked account to cover the full transaction amount ^{Footnote 3}
• Does not cover in-person withdrawals, automatic transfers, and dual message Debit Card authorizations.

If you’d like to enroll in the Optional Overdraft Transfer Plan, complete this form , call us at 1.800.542.3328, or visit a CEFCU Member Center.

Optional Overdraft Protection Plan

Covers overdrafts from checks, Automated Clearing House (ACH) transactions (including automatic bill payments), and transactions using your account number.

• You are automatically enrolled for the following accounts when the account has been opened more than six months: your personal (individual, joint, or Totten Trust) Checking or Dividend Checking account ^{Footnote 4}
• Used only if the overdraft is not covered by the Optional Overdraft Transfer Plan
• No charge if account is overdrawn less than $5.00
• $30 fee for each overdraft; maximum of two overdraft fees charged per day
• You must repay the full amount of each overdraft within fifteen (15) calendar days of the date of the overdraft by depositing the necessary funds into your Checking account
• CEFCU will not pay an item that would overdraw your Checking account under the following circumstances:
  • (a) when the item would overdraw your Checking account by more than $300.00,
  • (b) when the Primary Member on the Checking account is under the age of 18 or deceased,
  • (c) when you have previously had a Checking account that was closed by CEFCU,
  • (d) when CEFCU has charged off a Checking account of yours,
  • (e) when CEFCU has mailed you a letter warning you that CEFCU may close an account of yours,
  • (f) if during the process of opening your Checking account CEFCU received notice from a credit reporting agency that an account of yours had been charged off at another financial institution, or
  • (g) when your Checking account is overdrawn for more than two consecutive days (excluding Saturdays, Sundays, and CEFCU holidays).
• Does not cover withdrawals and Debit Card transactions

You may opt out of the Optional Overdraft Protection Plan by completing the form called “Termination of Overdraft Protection Plan”, available either at CEFCU Member Centers or by requesting the form by calling CEFCU at 1.800.542.3328.