Overdraft Coverage Options:

What Else You Should Know

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  A link to another account may be less expensive than an overdraft. A single larger overdraft will result in one fee, instead of multiple smaller overdrafts. Use our mobile, online, and telephone banking services to track your balance. For financial education resources, please visit www.mymoney.gov.
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  The $25 Overdraft Fee that is charged if you overdraw your account is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or an NSF Fee of $25. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
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  There is a limit of 5 Overdraft Fees ($125) per day we will charge you for overdrawing your account.
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  Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Overdraft Fee from funds that you deposit or that are deposited into your account may call us at (866) 638-8376 to discontinue Overdraft Privilege
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  If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Community South Credit Union (“We”) may charge a NSF Fee each time we return the item because it exceeds the Available Balance in your account. If the merchant
  notifies us at the time of presentment that a transaction is a represented transaction, we will not charge you more than one NSF Fee if your account does not have sufficient funds to cover the transaction at the time of the original presentment and any subsequent presentment. We cannot determine whether an item is being represented unless the merchant informs us of such. For example, if an ACH or other item is presented for payment and declined due to insufficient funds and then represented for payment without a designation from the merchant the item is a representment and declined again due to insufficient funds, we may charge you more than one fee for any given item as a result of a returned item and re-presentment of the item. You understand that a merchant or bank may present a check, debit or ACH to us for payment more than once, which could result in you being charged multiple Non-Sufficient Funds Fees (NSF Fees) for the same item. When we charge an NSF Fee, the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on re-presentment of the item, the Available Balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee. We may use the terms “item” and“transaction” interchangeably.
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  This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM, ACH and debit card transactions are posted in the order in which the items are received, while paper checks are posted in lowest to highest dollar amount; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or NSF Fees assessed.
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  Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
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  Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Account Agreements and Disclosures. The total (negative) balance, including all fees and charges, is due and payable upon demand.
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  We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not authorize debit card or ATM transactions unless your account’s Available Balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s)
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  Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.

Understanding Your Available Balance

Your account has two kinds of balances: the Actual Balance and the Available Balance.

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  We authorize and pay transactions using the Available Balance.
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  Your Actual Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
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  Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Actual Balance, less any holds due to pending debit card transactions and holds on deposited funds. Holds may include, but are not limited to, holds placed on your account due to hotel or rental car deposits, holds placed on any deposits to your account, holds placed on an account for delinquent loans or lines of credit, holds based on any pledges on any deposits to your account and any minimum account balance requirements.
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  The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Overdraft Privilege limit and any available Overdraft Protection.
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  The balance used for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Protection but does NOT include the Overdraft Privilege limit
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  The balance used for authorizing ATM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Protection and includes the Overdraft Privilege limit.
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  Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft. Note that we may place a hold on deposited funds in accordance with our Agreements and Disclosures, which will reduce the amount in your Available Balance.
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  Please be aware that the Overdraft Privilege amount is not included in your Available Balance provided through online banking, mobile banking or Community South Credit Union’s ITMs.
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  We will place a hold on your account for any authorized debit card transaction until the transaction settles(usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the Available Balance in your account. If your account is overdrawn after the held funds are added to the Available Balance and the transaction is posted to the Available Balance, an Overdraft Fee may be assessed.
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  Except as described herein, we will not pay items if the Available Balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).

Understanding Overdraft Privilege Limits

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  New consumer and business checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening.
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  An Overdraft Privilege limit of $500 will be granted to eligible consumer checking accounts opened at least 60 days in good standing.
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  An Overdraft Privilege limit of $750 will be granted to eligible business checking accounts opened at least 60 days in good standing.
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  Overdraft Privilege may be reduced or removed if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.