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What is an Overdraft?

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 two different ways:

  1. We have standard overdraft practices that come with your account. We refer to this service as Overdraft Privilege.
  2. We also offer overdraft protection plans, such as a link to a savings account or to a line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

Important Changes to Overdraft Privilege

How is it changing?

Effective October 30, 2019, Workers Credit Union will be enhancing the overdraft privilege service to meet each checking account holder’s personalized needs. Currently, the amount that can be overdrawn is a fixed amount based on account type. After the change, your overdraft limit may change on a daily basis. The daily limit amount will be based on how long the account has been open, the amount of deposits, and the frequency of deposits. Items presented will continue to be paid at Workers Credit Union’s discretion with the expectation that a deposit will be made by the account holder to cover any overdraft balances immediately.

Additional Important Information

Payment of items is not a right or guarantee. The payment of items presented today does not guarantee that future presented items will be paid. All items, paid or returned, are subject to a $30 overdraft or non-sufficient funds fee. The maximum number of overdraft and/or non-sufficient funds fees that we assess is limited to three per day.

Checking account holders may opt out of Overdraft Privilege at any time. Opting out of the service may mean that items presented against insufficient funds will be returned and a $30 non-sufficient funds fee will be charged.

Workers Credit Union offers additional overdraft protection services to assist in account management and to avoid items being returned or overdrawing your account.

  • Overdraft Protection account transfers (Sweep)
  • Overdraft checking account line of credit (subject to credit approval)

We will be happy to discuss alternatives with you to help determine which overdraft service may be the best fit for your financial needs. Please visit any branch location or contact our Member Information Center at 800-221-4020.

 


 

What You Need to Know about Overdrafts and Overdraft Fees

This notice explains our standard overdraft practices (Overdraft Privilege).

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Check (share drafts) and other transactions made using your checking (share draft) account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay 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. You may opt out of Overdraft Privilege at any time by contacting us at the number noted below.

What fees will I be charged if Workers Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of $30 each time we pay an overdraft.
  • The maximum number of overdraft and/or non-sufficient funds fees that we assess is limited to three per day

What if I want Workers Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, contact your local branch office, call 978-345-1021 or 800-221-4020 (for non-local calls in MA & NH), or complete the form below and present it at a branch or mail it to Workers Credit Union, 815 Main St., Fitchburg, MA 01420.

If you authorize Workers Credit Union to pay overdrafts for ATM and everyday debit card transactions, you may revoke it at any time by calling us at the number above or using the form below.

Download Form

 
Thank you for giving Workers Credit Union the opportunity to serve you. We appreciate our loyal members and look forward to assisting you with all of your financial needs.

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A Safe Place for Your Money

As a member of Workers, take comfort in knowing that every dollar you deposit is safe, secure, and 100% insured. All deposits are fully insured by a combined insurance coverage of the NCUA, up to $250,000, and the MSIC covers the rest. Now that’s safe keeping.