What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in different ways We have a standard discretionary Privilege Pay service that is provided with your account 90 days after opening, if you meet specific qualification criteria.
We also offer overdraft protection plans, such as transfers from your other Casebine accounts or Overdraft Line of Credit. These may be less expensive than our Privilege Pay service. To learn more, ask us about these options.
What does CCCU’s Privilege Pay service cover?
With CCCU Privilege Pay, we do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Recurring automatic bill payments authorized against your debit card
CCCU pays overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined/returned and may be subject to the NSF fee.
We will not authorize and pay overdrafts for the following types of transactions unless you request to “Opt-in”:
- Everyday debit card transactions
How much does it cost?
- We will charge a fee for Privilege Pay equal to the amount used, minimum $5, maximum $35.
- There is no limit on the total fees we can charge you for overdrawing your account.
- There is NO fee to keep the Privilege Pay service on your account, and there is NO fee if you never use Privilege Pay.
How to request CCCU Privilege Pay service on my checking account?
All checking accounts automatically have the Privilege Pay service available. You may opt to turn off the Privilege Pay service at any time.
To opt in or out for Privilege Pay, use one of the following methods:
- Mail the completed form below to Casebine CCU, 485 West Burlington Ave, Burlington, IA 52601
- Visit our website at casebine.com/services/odp
- Stop into our branch.
You may opt in or out of CCCU Privilege Pay at any time. For questions, call (800) 242-3746
Standard Automatic Coverage
You don’t need to sign up for Privilege Pay on your checks and Automated Clearing House (ACH) transactions. The Privilege Pay service is provided to eligible members automatically. Casebine provides this service to our valued members. If when
you open your account you decide you would rather not have Privilege Pay on your checks and ACH items, please let us know by choosing the option “to waive” and completing the form below.
If you have previously opted out of, or been ineligible for, Privilege Pay Checks and ACH but would now like to opt back into this service, please let us know by choosing the “option to re-instate” and completing the form below.
Transactions covered by privilege pay
Enhanced Privilege Pay
Please tell us if you want this convenient coverage on your checking account(s) to cover your debit card transactions. If you don’t, and there is not enough money available in your account to cover a purchase, your purchase transaction will be declined, even if a deposit
is made later the same day.