We understand that there may be times when you might not have enough money in your account to cover a purchase. This is why we offer debit card overdraft privilege, which helps you avoid the embarrassment of having one-time debit card transactions declined at the point of sale because of a lack of funds. You will be charged a $25.00 fee each time MECU pays an overdraft up to a $100.00 daily overdraft fee limit. If you do not elect debit card overdraft privilege, your debit card transaction may be declined at the point of sale if you do not have sufficient funds to cover the transaction. This coverage is not automatic on your account, so please review the below FAQs to determine if debit card overdraft privilege is right for you. If you have any questions about debit card overdraft privilege, please contact our Member Solutions Center at 847-576-5199 or toll-free at 877-270-6392. Frequently Asked Questions What is an overdraft?
An overdraft occurs when withdrawals or purchases are made from a checking account that does not have enough funds available. This results in a negative balance. Transactions that may cause an overdraft include withdrawn checks, recurring debit transactions, automated payments or transfers, everyday debit purchases and online bill payments.
Back to FAQs What can cause an overdraft?
Overdrafts can occur for a variety of reasons. Here are just a few of the more common examples:
- Addition or subtraction errors on an account, resulting in less in your account than expected.
- Forgetting to make a deposit.
- Automatic payments not entered in your check register.
- Soft holds--you may have used your debit card for a hotel stay and an amount representing your room fees is placed on hold, even though the final amount may be less or you may not use that particular debit card for final payment. Back to FAQs What is debit card overdraft privilege?
Debit card overdraft privilege provides you with overdraft coverage for your everyday debit card transactions. An everyday debit card transaction includes buying lunch, getting gas, purchasing movie tickets or any time you use your debit card to make a one-time signature or PIN-based purchase. With this coverage, you will avoid the embarrassment of having your debit card transactions declined because of a lack of funds. If you elect debit card overdraft privilege, you will be charged a $25.00 fee each time MECU pays an overdraft. Back to FAQs How is debit card overdraft privilege different from what I already have for checks, recurring debit transactions, automated payments or transfers and online payments?
Your current overdraft privilege provides you with overdraft protection for your checks, recurring debit transactions, automated payments or transfers and online payments. Debit card overdraft privilege provides you with coverage for your everyday debit card transactions. If you do not elect debit card overdraft privilege, you will continue to have protection for your checks, recurring debit transactions, automated payments or transfers and online bill payments. Back to FAQs What is MECU's overdraft charge per transaction?
You will be charged a $25.00 overdraft fee each time MECU pays an overdraft up to a $100.00 daily overdraft fee limit. If you exceed the $100.00 daily overdraft fee limit, overdraft transactions may be paid at MECU's discretion with no additional charge. Back to FAQs What is MECU's daily overdraft privilege fee limit?
MECU has a daily overdraft privilege fee limit of $100.00. This fee limit applies to overdrafts caused by checks, recurring debit transactions, automated payments and transfers, online payments and everyday debit card transactions. Back to FAQs How do I sign up for debit card overdraft privilege?
To sign up for debit card overdraft privilege, you can call us at 847-576-5199, toll-free at 877-270-6392, visit any MECU branch and speak with a representative or log in to your account at www.mecunet.org and click on "Service My Accounts." Back to FAQs If an overdraft transaction is covered by debit card overdraft privilege, what happens?
Upon authorization of your transaction, MECU will pay for the overdraft. Your account will then reflect the amount of the overdraft transaction plus the overdraft transaction fee of $25.00. Once an overdraft has occurred, it is your responsibility to promptly bring your account to a positive balance. The daily overdraft fee limit is $100.00. Back to FAQs How can I avoid overdraft fees altogether?
To avoid overdraft fees altogether, we encourage you to sign up for overdraft transfer to link your savings account to your checking account for backup funds in the event of an overdraft. If there are funds available in your savings account, the exact overdraft amount will be automatically transferred to cover the transaction. If you do not have sufficient available funds in your savings account and you have made a purchase that has caused an overdraft on your account, MECU will generally pay the overdraft if you have elected debit card overdraft privilege. You will be charged $25.00 for each overdraft MECU pays, up to the $100.00 daily limit. If you do not elect debit card overdraft privilege, the transaction may be declined at the point-of-sale. Back to FAQs What happens if I do not respond to any debit card overdraft privilege communications?
If you do not respond to any debit card overdraft privilege communications, you will not have debit card overdraft privilege on your account, and your everyday debit card transactions may be rejected at the point-of-sale. Your checks, recurring debit transactions, automated payments and transfers and online payments, however, will continue to have overdraft privilege. Back to FAQs What happens if I would like overdraft privilege for checks, recurring debit transactions, automated payments or transfers and online payments but not for everyday debit card transactions?
If you do not want debit card overdraft privilege, simply do not respond to any debit card overdraft privilege-related communications. Please note that you cannot elect coverage for individual transactions, so if you elect debit card overdraft privilege, this coverage will apply to all everyday debit card transactions. If you would like to decline overdraft privilege for all transactions (checks, recurring debit transactions, automated payments and transfers, online payments and everyday debit card transactions), simply call us at 847-576-5199, toll-free at 877-270-6392, visit any MECU branch and speak with a representative or log in to your account at www.mecunet.org and click on "Service My Accounts." Please be aware that you will continue to be subject to NSF fees if your account is overdrawn as a result of a check, recurring debit transactions, automated payment or transfer, online payment or everyday debit card transaction. In addition, the check, recurring debit transactions and/or automated payment and transfer will be rejected and returned. Back to FAQs What happens if I originally did not elect debit card overdraft privilege but would like to add this coverage to my checking account?
You are eligible to sign up for debit card overdraft privilege for your checking account at any time. To sign up for this coverage, please visit any MECU branch, call us at 847-576-5199 (toll-free at 877-270-6392) or log in to your account at www.mecunet.org and click on "Service My Accounts." Back to FAQs |
