Member Privilege™ Policy
Member Privilege Overdraft Policy
An insufficient balance could result in several ways, such as (a) the payment of checks, electronic funds transfers, or other withdrawal requests; (b) payments authorized by you; (c) the return of unpaid items deposited by you; (d) the imposition of credit union service charges; or (e) the deposit of items which, according to the credit union’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your checking share draft does not contain sufficient funds. However, as long as you maintain your checking share draft in good standing (defined as making regular deposits and bringing your checking share draft to a positive balance at least once every 30 days, and maintaining a current balance on all other accounts) and there are not legal orders outstanding, we may approve your reasonable overdrafts as a non-contractual courtesy. You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally we will not approve an overdraft for you in excess of your limit plus our overdraft charge. We may refuse to pay an overdraft for you at any time, although we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our Insufficient Funds handling fee charge(s) and any daily overdraft fee(s) that you owe us shall be due and payable upon demand. If there is an overdraft paid by us with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft, plus our Insufficient Funds handling fee charge(s).
Member Privilege should not be viewed as an encouragement to overdraw your checking share draft account. As always, we encourage you to manage your finances responsibly. In the event you would like to have this service removed from your checking share draft, you can do so by simply calling your local ABE branch.
You should note that your Member Privilege limit will not be included in the balance provided by a teller, at the ATM or through Member Web Connect or Telephone Audio Response.
Limitations: Available to individually owned checking share drafts in good standing for personal or household use. American Broadcast Employees FCU reserves the right to limit participation to one checking share draft per household and to discontinue this service at any time.
