IMPORTANT: Any of the Joint Owners of an account can Opt-Out. If an account has been Opted-Out, all Owners must Opt-Back-In.
Overdraft Privilege Service (ODP) Information
ODP is a service that allows us to pay an item presented against your account even if it causes the account to become overdrawn. ODP may provide certain members in “good standing” the ability to overdraw their account up to $500.00. The ODP limit includes any overdraft fees assessed.
If the account has been opened and maintained in good standing, defined as A) Making regular deposits sufficient to cover transactions; B) Bringing the account to a positive balance every thirty (30) days or less; and C) There are no legal orders outstanding on your account, we may, at our sole discretion, pay overdrafts up to the limit mentioned above, including our normal Non-Sufficient Funds or ODP fees. Whether we pay or return the item, your account will be assessed a fee, either an ODP Fee or a Non-Sufficient Funds Fee but you will not be charged both fees. Our current charge per item is $36 which may be changed with prior notice to you.
This non-contractual courtesy of paying overdrafts requires no accountholder action. No additional agreements need to be signed, and it costs nothing unless the privilege is used – by initiating check, ATM withdrawals, debit card withdrawals, or other payment or withdrawal requests for more than is on deposit in the account. If you maintain the account in good standing and have need for this “courtesy”, we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Non-Sufficient Funds or ODP Fee for each item that overdraws the account. You then have up to 30 days to bring the account current.
Although you are not charged for using Overdraft Privilege Services unless you overdraft, you may opt-out at any time. If you do not want us to pay your overdrafts, you must tell us (“opt-out”). If you receive a direct deposit of your social security or other federal benefit check, you must opt-out if you do not want us to apply those funds to repay an overdraft.
Overdraft Privilege Service allows ASECU to provide a higher level of service to our members by helping to protect your account and reputation when an inadvertent overdraft occurs.
Not all members will qualify for Overdraft Privilege Service; in such cases, ASECU normal non-sufficient funds policy applies.
