Courtesy Overdraft With A Fee

Frequently Asked Questions on Overdrafts and NSF Fees

How much Courtesy Overdraft protection do I have?

The amount you qualify for will depend on several factors in your checking account, including, but not limited to, deposit activity and transaction activity. The Courtesy Overdraft limit may change depending on these factors. FREE overdraft protection from your Savings and/or Personal Line of Credit will be used before Courtesy Overdraft protection is accessed.

 

What type of protection does Courtesy Overdraft provide?

PFFCU offers a Courtesy Overdraft Program (COD), where PFFCU will pay overdrafts, up to a predetermined limit, for a fee, if there are insufficient available funds in your savings account and you either don’t have available credit on your PLOC or you have not selected the PLOC option to cover overdrafts. When a transaction item is paid through the COD program, it causes your checking account to have a negative balance, which must then be repaid.

  • The following types of COD overdraft transactions will incur a $19.00 fee:
    • Checks, including Bill Pay checks
    • ACH debits to your checking account
  • Everyday debit card transactions will incur a $6.00 fee.

 

How do I enroll for Courtesy Overdraft protection to authorize and pay everyday debit card transactions?

We do not pay everyday debit card transactions that would exceed your available balance unless you authorize us to do so by enrolling in this service. To enroll, login to Online Banking, click Services tab then click Continue next to “Courtesy Overdraft (COD) Service Opt In” and complete the steps which follow.

If you are not enrolled in Online Banking you can complete this form, or call Telephone Member Service at 215-931-0300 or 800-228-8801, or visit your nearest PFFCU branch location.

Can I opt out of Courtesy Overdraft?

If you would like to opt-out, that is, if you would prefer we not pay everyday debit card transactions that would overdraw your account, you may opt-out by writing to us, calling 215-931-0300 or 800-228-8801, stopping by any Branch or by logging into Online Banking through PFFCU.org and informing us of your intention to opt-out.

How do We determine when an Overdraft fee is applied?

Your checking account has two kinds of balances: the “actual” balance and the “available” balance. It is important to understand how these balances differ so that you know when a given transaction may cause you to incur a fee under the COD Program. Click here to learn how we apply COD Program fees based upon the available balance in your account.

How will I know I am overdrawn?

Courtesy Overdraft e-mail notices are sent the next day to members who have supplied PFFCU with a primary e-mail address. If you have not provided us with that information, or you need to update your e-mail address, you should log into Online Banking, click/tap Settings and choose Manage Contact Info. You may also provide us with your primary e-mail address information by calling 215-931-0300 or 800-228-8801. After we have that information, we will send e-mail notifications to you beginning the first of the following month. Members with no primary e-mail address on file will receive notification by US mail.

Can I overdraw more than my Courtesy Overdraft limit?

In most instances, if an item is presented for payment, or you authorize payment from your account, and the available balance is insufficient to pay it, PFFCU will consider paying the item as long as it does not result in a negative balance in your account (exclusive of fees), greater than your limit. If paying any item will cause you to exceed your limit, the item will be returned unpaid or the Debit Card authorization will be denied.

How quickly do I have to deposit funds to cover an overdraft?

PFFCU expects that you will deposit funds to cover any overdrafts immediately. If you do not deposit funds to cover your overdraft, we will send you additional letters and contact you to discuss clearing the negative balance in your account. If a negative balance continues, we will close your account and report the overdraft balance to ChexSystems, a national reporting agency.

Will I be charged a fee if a check or ACH transaction is returned unpaid?

Yes. Your account may be charged a non-sufficient funds (NSF) fee (either a Returned Share Draft (NSF) or an ACH (NSF)) when PFFCU returns or rejects a transaction presented or submitted against your account that would exceed your available balance. Importantly, a transaction that you have authorized (for example, a check or an ACH debit) may be presented or submitted to PFFCU multiple times and you could be charged multiple NSF fees if PFFCU returns or rejects the transaction multiple times. Please note that PFFCU does not determine whether or when an item transaction is presented or submitted for payment. Rather, PFFCU determines whether or not the available balance is sufficient to pay a presented or submitted item or transaction.

How could multiple NSF fees be charged for one transaction I authorized?

As indicated above, PFFCU does not determine whether or when an item or transaction that you authorized will be presented or submitted for payment. This means that a merchant or other third party may, ultimately, present or submit for payment an item or transaction you authorized multiple times which could result in multiple NSF fees (or a combination of NSF and Overdraft fees.)

How could multiple NSF fees be charged on a check I wrote?

As an example, if you wrote a check to a merchant (or other third party) who submitted the check to PFFCU for payment and we returned the check, you would be charged a Returned Share Draft NSF fee. If the merchant re-presented the check for payment again (or converted the check into an ACH and submitted the item for payment), PFFCU would make an additional determination of whether the available balance was sufficient. If it is not, you would be charged a NSF fee. This means you could be charged multiple NSF fees due to the check (and, possibly, the electronically converted check being present and returned multiple times.

How could multiple NSF fees be charged on an ACH debit I authorized?

As an example, if you authorize a merchant (or other third party) to electronically debit your account, such as an ACH debit, the merchant submits the electronic debit to PFFCU for payment. If the transaction exceeds your available balance, the debit will be rejected and you will be charged an ACH NSF fee. The merchant may re-submit the electronic debit to PFFCU for payment. If this occurs, PFFCU would make an additional determination of whether the available balance was sufficient and, if not, you would be charged an ACH NSF fee for this additional rejected transaction.

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