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From time to time, we've all overdrawn our checking account. Whether it's because we forgot to enter an ATM withdrawal, made a math error in our check register, or experience an unforeseen expense or temporary shortfall. To help in these situations, The Southern offers a service called Overdraft Security Privilege * . This service is not a line of credit—it's a service tied to your checking account that provides added security against having a check returned to the merchant for insufficient funds. How the service works: When a check or checks are presented to The Southern and the funds are not available in your checking account or other designated overdraft sources, the Credit Union will honor the check(s) by bringing the checking account to a negative balance. (Not to exceed an amount up to the Overdraft Security Privilege limit assigned for your particular type of account? $400 for Basic Checking and Heritage accounts and $500 for Checking Plus and Business accounts.) We will notifying you by mail that your checking account has been brought to a negative balance in order to pay the check(s). Also, as is our current policy, the standard Non-Sufficient Funds (NSF) fee will be charged for each check/item that overdraws your checking account. There is no additional fee for the Overdraft Security Privilege service. It is there for your benefit – when you need it or when accidents happen. However, not all checking accounts will qualify for the Overdraft Security Privilege. Those that do, will receive a letter of confirmation. For a complete list of qualifying criteria and service requirements, please request a copy of the Credit Union's Discretionary Overdraft Security Privilege Policy. For questions regarding this service, please call the Telephone Service Center at (770) 719-1111 or 1-800-338-5882. * This service is a discretionary courtesy provided by The Southern Federal Credit Union, and the Credit Union may withdraw this privilege at any time without notice to the member. The Credit Union is not obligated to pay any item/check presented for payment if your account does not contain sufficient available funds. Any discretionary payment by the Credit Union of an overdraft item does not obligate the Credit Union to pay any other overdraft or to provide prior notice of its decision to refuse to pay such item. (For more information on this service, please request a copy of The Southern Federal Credit Union Discretionary Overdraft Security Privilege Policy.) |
