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Overdraft Coverage

Life happens! Via Credit Union understands that unexpected overdrafts occur from time to time-Overdraft Coverage can help!


Overdraft Coverage Options

The choice is yours.  Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection: Link to another deposit account you have at ViaCU1 $2.00 fee per transfer
Overdraft Protection: Line of Credit1, 2 Subject to interest
Overdraft Privilege $20.00 O/D Privilege fee per item

1Call 877.673.3284, email viacu@viacu.org or visit any branch to sign up or apply for services.
2Subject to credit approval.

Overdraft Protection: applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Via Credit Union for a fee or finance charge.  Please note that overdraft lines of credit are subject to credit approval.

Overdraft Privilege: allows you to overdraw your account up to the disclosed limit for a fee 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" for other important information.

Transactions Covered
with Overdraft Privilege
Standard Coverage
(no action required)
Extended Coverage
(consent required)3
Checks X X
ACH - Automatic Debits X X
Recurring Debit Card Transactions X X
Online Bill Pay Items X X
Everyday Debit Card Transactions   X3

3If you choose Extended Coverage, everyday debit card transactions will be included with the transactions listed under Standard Coverage.  If you already have Extended Coverage, it is not necessary to request it again.

If you have a debit card and would like to select Extended Coverage for future transactions, call 877.673.3284, email viacu@viacu.org, visit any branch, complete the online consent form by clicking the link below.

Extended coverage consent form

You can discontinue Overdraft Privilege in its entirety by calling 877.673.3284 or emailing viacu@viacu.org.

 

WHAT ELSE YOU SHOULD KNOW

      • A link to another account or a line of credit 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 $20.00 O/D Privilege Fee that is charged if you overdraw your account is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate O/D Privilege Fee or a Non-Sufficient Fund Fee of $20.00. 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.
        • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Via Credit Union will charge a Non-Sufficient Fund Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account plus any Overdraft Privilege limit is sufficient to cover the item Via Credit Union may pay the item, and, if payment causes an overdraft, charge an O/D Privilege Fee.
        • There is no limit on the total O/D Privilege Fees per day that Via Credit Union will charge. 
        • Our general policy is to post items throughout the day and to post ACH credits before debits. ACH debits are posted throughout the day in the order received. ATM transactions, PIN-based debit card transactions, and signature-based debit card transactions are posted throughout the day in the order in which these items are received for payment. Paper checks are posted in check number order on the date they are received. However, because of the many ways Via Credit Union allows 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 O/D Privilege Fees or Non-Sufficient Fund Fees assessed. 
        • Although under payment system rules, Via Credit Union may be obligated to pay some unauthorized debit card transactions, Via 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 Via Credit Union your consent to pay everyday debit card overdrafts on your consumer account (Extended Coverage) may result in you incurring O/D Privilege Fees for transactions that Via Credit Union would otherwise be required to pay without assessing an O/D Privilege Fee. However, this would allow Via Credit Union 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 and any Overdraft Privilege limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
        • Via Credit Union authorizes and pays transactions using the available balance in your account plus any Overdraft Protection or Overdraft Privilege. Via Credit Union may place a hold on deposited funds in accordance with our Membership and Account Agreement, which will reduce the amount in your available balance.  The balance used for authorizing checks, ACH items, and recurring debit card transactions 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. The balance used for authorizing everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the balance for authorizing everyday debit card transactions. 
        • Please be aware that the Overdraft Privilege amount is not included in your balance displayed through online banking, mobile banking or Via Credit Union’s ATMs.
        • Via 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 O/D Privilege Fee may be assessed.
        • Except as described herein, Via 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).
        • New consumer and business checking accounts will receive a $100.00 Introductory Overdraft Privilege limit at account opening that may be increased to $300.00 up to $700.00 (depending on average balance in the first 60 days the new account is open) after 60 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 reduced if you default on any loan or other obligation to Via Credit Union, 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 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit 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 and Account Agreement. 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 877.673.3284 or visit any branch.