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Overdraft Protection Services

For complete details regarding the Overdraft Protection Services, refer to the Deposit Account Agreement, provided at account opening.

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, ATM withdrawals and 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 180 days: 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.

Tips on managing your Checking account

The best way to avoid declined Debit Card purchases and ATM withdrawals, as well as overdrafts, is by keeping track of your transactions and balance.

  • Use CEFCU On-Line® and Mobile Banking to view posted and pending transactions.
    • Remember to deduct the pending transaction amounts from your current balance — doing this will give you a more accurate running balance for your account.
  • Review your account statements regularly — be sure to look for suspicious or unexpected activity.
  • Enroll in Debit and Credit Card Alerts and Controls — by setting up Card Alerts and Controls with CEFCU On-Line® and Mobile Banking you will be sent instant notifications whenever a transaction is made using your Card (Alerts), or automatically block certain transactions, such as international (Controls). Both options empower you to stay on top of your spending habits, and more importantly, allow you to detect, and stop, any unauthorized activity in real-time.
  • Set up Account Alerts — you can also monitor additional activity on your accounts by setting up Account Alerts, another security measure designed to keep you informed, available in CEFCU On-Line and Mobile Banking. These alerts can notify you about various account activities like balance changes, payment due dates, and unusual activity.
  • Update payment information with CardSwap, a convenient service available inside CEFCU On-Line and Mobile Banking. Use one platform to update online service and subscription payments linked to your CEFCU Debit Mastercard.
  • Use CEFCU ATMs or fee-free Co-op® ATMs to avoid transaction and ATM owner fees.

Contact CEFCU

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1. Funds will be transferred in increments of $50 from a Savings account, $100 from a Credit Card, and $200 from an IMMA. Amounts less than the increments (or multiple increments) indicated may be transferred if it covers the overdraft under certain circumstances. Refer to the Deposit Account Agreement for full details.

2. Transfers from your Credit Card accrue interest from the date of transfer at your Cash Advance rate.

3. For Savings account only, you must have enough available funds, in addition to your opening deposit.

4. Additional exceptions may apply. Refer to the Deposit Account Agreement provided at account opening for more information.