Overdraft Coverage Options

Overdraft Protection & Overdraft Courtesy Pay

At times, life can be unpredictable and cause us to lose track of our expenses or account balances. Having a check or other payment returned due to insufficient funds can be costly and inconvenient. That’s why we provide Overdraft Courtesy Pay, an overdraft service for Santa Fe Federal Credit Union accountholders.

 What is Overdraft Courtesy Pay?

Overdraft Courtesy Pay is a discretionary, noncontractual overdraft service that provides you with a safety net up to an automatically assigned overdraft limit.

 The Overdraft Courtesy Pay limit may be available for checks and other transactions made using your checking account number, such as a teller withdrawal, an automatic (ACH) payment transaction, automatic bill payment or a recurring debit card payment. If you request us to do so (opt in), we may authorize ATM and one-time debit card transactions by using your available balance and your Overdraft Courtesy Pay limit.

 How does Overdraft Courtesy Pay work?

There are several ways your account may become overdrawn or be subject to an NSF transaction, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you (i.e. debit card at point of sale); (3) the return of unpaid items deposited by you; (4) charges by us pursuant to the terms and conditions of your account; or (5) the deposit of items which, according to the Funds Availability Policy, are treated as not yet available. 

 As long as you meet eligibility requirements, we may approve your overdraft items within your unused Overdraft Courtesy Pay limit as a non-contractual courtesy.

 You should make every attempt to bring your account to a positive end-of-day balance as soon as possible and must do so within 30 calendar days. If you are unable to do so, you will receive notice from Santa Fe Federal Credit Union informing you that your Overdraft Courtesy Pay coverage has been suspended, and additional items will be returned. Your limit will be reinstated to cover overdrafts again the first business day after your account is returned to “good standing”, unless we advise you differently or you request this service be removed from your account.  

 We may refuse to pay an overdraft item even though we may have previously paid overdrafts for you. For example, we typically do not pay overdraft items if your account is not eligible as defined in our Overdraft Courtesy Pay Terms and Conditions or if you have exceeded your limit. You will be charged a Return Item Fee of $25.00 for each item returned.

 What does my Overdraft Courtesy Pay cost?

There is no additional cost associated with Overdraft Courtesy Pay unless you use it. If you do use the overdraft limit, you will be charged our Overdrawn Item Paid fee of $25.00 for each overdraft item created by checks and other transactions made using your checking account number, such as a teller withdrawal, an automatic payment (ACH) transaction, automatic bill payment, or recurring debit card payment.

 We will not honor ATM and one-time debit card transactions that would overdraw your account unless you opt in to coverage for these transactions. If you opt in, we may authorize ATM and one-time debit card transactions by using your available balance and your Overdraft Courtesy Pay limit. An Overdrawn Item Paid fee of $25.00 will be charged for each ATM and one-time debit card transaction that posts against insufficient funds.

 Your available balance at the time these transactions post will determine the overdraft status and the assessment of fees. Other intervening transactions may result in previously authorized transactions posting against an insufficient balance. Please refer to the Overdraft Courtesy Pay Terms and Conditions, Understanding Your Balance, for more information on how your balance is calculated.

 How can I add Overdraft Courtesy Pay for ATM withdrawals and one-time debit card purchases?

If you have not opted in to coverage for ATM and one-time debit card transactions and you would like to, or if you would like to revoke your previous authorization, please [click here], call (800) 733-2804 or (806) 373-0736, or visit one of our branches.

 An Overdrawn Item Paid fee of $25.00 will be charged for each ATM and one-time debit card transaction that posts against insufficient funds.

 What is my Overdraft Courtesy Pay limit? If I have two checking accounts, can I get Overdraft Courtesy Pay on both?

New accounts will be assigned an introductory overdraft limit of $250.00 at account opening. After your account is open for 60 days, an overdraft limit may be assigned based on eligibility criteria. Locate your account type to reference the corresponding limit.

 Checking ……………$ 750

 If you have more than one account, we limit the program to 6 accounts per accountholder.

 Are other overdraft protection options available?

Yes, we also offer overdraft protection through a line of credit or link to your savings or checking account, which may be less expensive than Overdraft Courtesy Pay. To learn more, ask us about these plans.

 What if I do not want to have Overdraft Courtesy Pay on my account?

If you would like to (1) remove Overdraft Courtesy Pay coverage entirely or (2) revoke your previous authorization for ATM and one-time debit card transactions coverage, please call (800) 733-2804 or (806) 373-0736 or visit one of our branches. Even if coverage is removed, insufficient items and associated fees and charges may still apply. You may remove Overdraft Courtesy Pay coverage from your account at any time, but you are responsible for any overdrawn balances.