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What You Need to Know About Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.Wecan cover your overdrafts in two differentways:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to a share/savings account or overdraft protection loan, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

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

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

  • Share drafts/checks, and other transactions made using your checking account number
  • Automatic bill payments
  • ACH transactions

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

  • ATM transactions
  • One-time 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.

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

Under our standard overdraft practices:

  • We will charge you a fee of up to $25.00 each time we pay an overdraft.
  • There is no limit to the total fees we can charge you for overdrawing your account.

If there are multiple owners on the account, either account owner can act on behalf of all owners on this account as the option chosen below will apply to all ATM and one-time debit card transactions on the account. I have the right to revoke this coverage at any time by contacting ASE Credit Union in writing, in person, or by phone.

I want ASE Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions. I understand I will be charged a $25 fee for each ATM or debit card overdraft that we pay. This will become effective on your account once we process the application. We process applications Monday-Friday during business hours.