Frequently Asked Questions

What is Overdraft Privilege?

Overdraft Privilege is a discretionary service provided to eligible accounts. At the discretion of University Credit Union, each eligible account will be provided a specific Overdraft Privilege limit depending on the type of account. Return/Overdraft fees are included in the Overdraft Privilege limit.
 

How does Overdraft Privilege work?
If you have purchases presented against insufficient funds, we may cover your overdrafts up to a specified overdraft limit. As long as you remain in good standing, make regular deposits into your accounts, bring your account to a positive balance as soon as possible within 30 calendar days and maintain a positive balance for one processing day, you will continue to receive Overdraft Privilege.

Will I be charged an overdraft fee?
Yes. You will be charged a fee of $25 for each purchase you make without suffficient funds. Whether the item is paid or returned, you will be assessed the regular NSF/Overdraft fee.
 

What Happens if I do not opt in?

After August 15, 2010, University Credit Union will no longer authorize insufficient ATM or everyday debit card transactions if you do not opt in. You purchase will be declined at the point of the transaction.

What is the difference between Overdraft Privilege and Overdraft Protection?
Overdraft Privilege is a service which allows an account to go negative in order to pay an item. Overdraft Protection is a contractual agreement which transfers funds from another source in order to pay an item.

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