OVERDRAFT COVERAGE OPTIONS:
PRIME PRIVILEGE AND OVERDRAFT PROTECTION
Life happens! Prime Financial 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:
|Overdraft Protection Link to Another Deposit Account you have at Prime Financial Credit Union1||$6 fee per transfer|
|Prime Privilege||$35 Overdraft Fee per occurrence|
1Established automatically with your account
Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account for a fee.
Prime 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, Prime Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section included with this disclosure for other important information.
|Transactions Covered with Prime Privilege||Standard Coverage |
(No action required)
(Your consent required)*
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Transactions||X||X|
|Online Bill Pay Items||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
If you would like to select Extended Coverage for future transactions:
- Call us at 414.486.4500
- Complete the online consent form which can be accessed by clicking the button below.
- Visit any branch
- Complete the enclosed consent form and mail it to us at 5656 S Packard Ave, Cudahy WI 53110
- E-mail us at firstname.lastname@example.org
*If you choose Extended Coverage on your consumer account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Prime Privilege Extended Coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue Prime Privilege in its entirety by contacting us at 414.486.4500 or sending us an e-mail at email@example.com.
What Else You Should Know
- 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 $35 Prime Privilege Fee or OD by Debit Fee that is charged if you overdraw your account 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 Prime Privilege Fee, OD by Debit Fee, or a Returned Item Fee of $35. All fees and charges will be included as part of the Prime Privilege limit amount. Your account may become overdrawn more than the Prime Privilege limit amount because of a fee.
- There is no limit on the total Prime Privilege Fees, OD by Debit Fees, or Returned Item Fees per day we will charge.
- Our general policy is to post items throughout the day and to post credits before debits. Paper checks are posted in lowest to highest dollar amount, while ATM, ACH 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 Prime Privilege Fees, OD by Debit Fees, or Returned Item Fees assessed.
- Although under payment system rules, Prime Financial Credit Union may be obligated to pay some unauthorized debit card transactions, Prime Financial 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 Prime Privilege Fees for transactions that we would otherwise be required to pay without assessing a Prime Privilege Fee. However, this would allow us to authorize transactions up to the amount of your Prime 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.
- Prime Financial Credit Union authorizes and pays transactions using the available balance in your account. Prime Financial Credit Union may place a hold on deposited funds in accordance with our Important Information About Your Account Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the account balance, less any holds on deposited funds and any debit card holds, plus the amount of the Prime Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the account balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Prime Privilege Limit. For accounts with Extended Coverage, the Prime Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Prime Privilege amount is not included in your available balance provided through online banking, mobile banking or Prime Financial Credit Union’s ATMs.
- Prime Financial 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, a Prime Privilege Fee or OD by Debit Fee may be assessed.
- Except as described herein, Prime Financial Credit Union will not pay items if the available balance in your account (including the Prime Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
- Prime Financial Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Prime Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Prime Privilege limit, is positive and then you contact us.
- Prime Financial 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 will remain suspended until you make sufficient deposits so that your account balance is positive.
- Prime Financial 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.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account(s) 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).
- A Prime Privilege limit of $1,000 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
- A Prime Privilege limit of $500 will be granted to eligible Business Checking accounts opened at least 30 days in good standing.
- Prime Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Prime 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 Prime Privilege reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in Important Information About Your Account Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
Print our Prime Privilege and Overdraft Protection disclosure below.
If you have any questions about Overdraft Protection or Prime Privilege, please call us at 414.486.4500 or visit a branch.