Overdraft Privilege

Unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and a potentially embarrassing experience. At Seaport Credit Union, we encourage you to manage your finances responsibly and we do not encourage overdrafts.

We want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned. That is why we provide Overdraft Privilege service for our checking account members.

What is Overdraft Privilege?

As a benefit of your relationship with us, Overdraft Privilege is offered on your checking account. With Overdraft Privilege, if you inadvertently overdraw your account, we have the option to cover your overdrafts, including fee(s) and thereby saving you the embarrassment and inconvenience of a returned or declined item, as well as the fee normally charged to you by merchants for items returned to them. The amount of the Overdraft Privilege is not shown in your available balance, but may be available to you for the following types of transactions:

  • ATM Withdrawals
  • Debit Card Purchases (POS)
  • In-Person Teller Transactions
  • Check Writing
  • Online Bill Pay
  • ACH Transactions

How does Overdraft Privilege work?

As long as you maintain your account in good standing (defined as making regular deposits, and bringing your account to a positive balance, including payment of all bank fees charged to your account, at least once every 30 days), Seaport Credit Union may honor overdrafts up to the Overdraft Privilege limit on your account. Whether your overdraft will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing or you are not making regular deposits, or have too many overdrafts. To ensure you don’t exceed your limit if you use Overdraft Privilege, please note that the amount of the overdraft plus our standard NSF fee of $28.50 for each item will be deducted from your overdraft limit. No interest will be charged on the overdraft balance. *please refer to the Member Policy for more details

How do I know when I use the overdraft limit?

You will receive an overdraft notice in the mail each time items are paid. The notice will show the check number, amount and the NSF fee. You will need to subtract the total fees when balancing your checkbook

What is my Overdraft Privilege limit? I have two checking accounts. Can I get Overdraft Privilege on both?

Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household, you may have a limit on all eligible accounts.

eChecking $500
All Other Checking Accounts $500

What if I go beyond my Overdraft Privilege limit?

Overdrafts above and beyond your Overdraft limit may mean that a check or checks will be returned to the payee. Our standard $28.50 NSF fee will be charged per item. An NSF notice will be sent to you.

How quickly must I repay my Overdraft Privilege?

Every attempt should be made to bring your account to a positive balance within 30 days. If you are not able to do so, a letter from Seaport Credit Union will be sent to inform you of the situation and the options available. If, after a period of time, your account has not been brought to a positive balance, we may suspend your account and take other steps to recover funds.

What does my Overdraft Privilege cost?

There is no additional cost associated with this privilege unless you use it. You will be charged $28.50 for each overdraft item that we pay and we charge $28.50 for each overdraft item that we return. Overdrafts may be created by check or through in person withdrawals, ATM withdrawals or other electronic means paid under the limit. (For example, three paid items in one day will result in $85.50 in overdraft fees.)

What are some of the ways I can access my Overdraft Privilege limit? Will my limit be reflected in the balance I receive?

The chart below shows some different ways you can access your Overdraft Privilege limit.

Access Point Is my Overdraft Privilege limit available?
Teller YES
Writing A Check YES
Debit Card YES, If Opt-In Received
ATM Withdrawal YES, If Opt-In Received
ACH-Auto Debit YES

How soon can I use my Overdraft Privilege?

If you are a new account holder, you will be able to use the overdraft privilege service 30 days after the account is opened.

What are some other ways I can cover overdrafts at Seaport Credit Union?

The best way to avoid overdrafts and Overdraft check fees is to manage your account so it doesn’t become overdrawn. However, if a mistake occurs, Seaport Credit Union offers the following to cover overdrafts:

Ways to cover Overdrafts at Seaport Credit Union Associated Fees
Overdraft Protection Line of Credit* 18.00%*/**
Overdraft Privilege Standard NSF Fee of $28.50 per item
Overdraft Savings Sweep $10.00 per transaction
*Subject to credit approval **Rate subject to change without notice

Overdraft Privilege Statement of Policy - Opt-In Form