Overdraft PrivilegeOverdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section at the bottom of this page for other important information.
(No Action Required)
(Your consent required on consumer accounts)
|ACH - Automatic Debits||✔||✔|
|Recurring Debit Card Payments||✔||✔|
|Online Billpay Items||✔||✔|
|Teller Window Transactions||✔||✔|
|ATM Withdrawals||✔ *|
|Everyday Debit Card Transactions||✔ *|
|If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage.
If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again.
Business accounts automatically have Extended Coverage.
If you would like to select Extended Coverage for future transactions:
- Call us at 504-678-3563
- Visit any branch
- E-mail us at firstname.lastname@example.org
- Complete the consent form and mail it to us at 400 Russell Ave. Bldg. #509 New Orleans, LA 70143
What you need to know about Overdrafts and Overdraft Fees
- A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
- The $28 Overdraft Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a NSF Fee of $28. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
- For consumer accounts, there is no limit on the total Overdraft Fees per day we will charge.
- This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post credits before debits. Paper checks and ACH items are posted from lowest to highest dollar amount, while ATM and debit card transactions are posted in the order in which the items are received; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or NSF Fees assessed.
- Although under payment system rules, NAS JRB Credit Union may be obligated to pay some unauthorized debit card transactions, NAS JRB Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
- NAS JRB Credit Union authorizes and pays transactions using the available balance in your account. NAS JRB Credit Union may place a hold on deposited funds in accordance with Funds Availability Policy Disclosure found in our Membership Booklet, which will reduce the amount in your available balance. The available balance for checks and ACH items is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. For recurring debit card transactions (e.g., pre-scheduled payments, such as gym memberships), the available balance is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit. The available balance for ATM and everyday debit card transactions on accounts with Overdraft Privilege Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds but does NOT include the Overdraft Privilege Limit or Overdraft Protection. For accounts with Overdraft Privilege Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or NAS JRB Credit Union’s ATMs.
- NAS JRB Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
- Except as described herein, NAS JRB Credit Union will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
- NAS JRB Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described herein). Debit cards on your account(s) will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
- NAS JRB Credit Union may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive calendar days. Debit cards on your account(s) will remain suspended until you make sufficient deposits so that your account balance is positive.
- NAS JRB Credit Union may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
- We will charge a fee of $20 to reactivate your debit card if we suspend your debit card.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account(s), including savings accounts, at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
- Depending on your account type, an Overdraft Privilege limit of $400 or $500 ($600 with direct deposit) will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
- Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership Booklet. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 504-678-3563 or visit a branch.