Overdraft Privilege is a service which adds a measure of protection to your personal checking account in the event you make a calculating error. Overdraft Privilege may protect your account in the event your account lacks sufficient funds to cover a check or debit card transaction.
How Does Overdraft Privilege Work?
Overdraft Privilege provides an extra layer of protection to your checking account, up to a limit of $500. This amount includes the amount of the overdrawn item or items and the ODP fee that may be honored by TelComm. A $25 fee per item will be assessed for each check which brings your account negative. After an account has been overdrawn, you have a maximum of 30 days to bring the account current.
What if I already have overdraft protection?
If you have established other overdraft protection safeguards, we will always look to those loans or accounts BEFORE activating ODP in order to save you the fee per check. Overdraft Privilege does not exist for people with overdraft loans.
Do I have to apply for Overdraft Privilege?
No, we do not require an application for Overdraft Privilege to be accessible via paper checks.
If you want to enable Overdraft Privilege to be accessible via your TCU Debit Card, you do need to choose to ‘opt-in’ for that service on your debit card per regulations. The form to ‘opt-in’ for ODP with your TCU Debit Card is located in your New Member Packet. Alternatively, you may ask for one from any Member Service Representative.
Some restrictions may apply on an individual basis. This service is offered at the pleasure of TelComm Credit Union and is not guaranteed to any member.