Shared Feature of all ABE checking accounts
- Free Debit Card with ScoreCard Rewards
- Free E-Statements
- 3 Overdraft Protection options
- Free Online Banking with Bill Payer Access
- Free ATM transactions at nearly 30,000 CO-OP network ATMs
- Remote Deposit – deposit checks from your home, office or anywhere using your mobile device
Deposits to the draft accounts can be made automatically through payroll deductions, either on an entire net pay (where available) or fixed amount basis, and by over-the-counter or mail methods. Payroll deposits and cash or cash equivalent deposits are available for immediate withdrawal, while other check deposits are subject to regular clearing period banking regulations. Clearing is processed daily and transmitted to ABE for posting and acceptance.
At the end of each month, a statement, which includes all the transactions for the month, is prepared by ABE for each member. You have the option of receiving via our secure electronic method, E-Statements or by a paper statement mailed to your home. If you choose our E-Statement you will receive your statement up to a week earlier each month.
Check Copy Retention:
Share draft checks come in duplicate copy form for automatic record keeping. Every draft check written is automatically recorded on a carbon less copy. This copy may be used for reconciling the share draft account to the statement and for tax deduction support. Paid draft checks will not be returned. Instead, ABE will safeguard paid draft checks free of charge for a period of seven (7) years. If a copy is needed as proof of payment or for tax purposes, it will be provided promptly at a nominal fee depending on circumstances. You may also print a copy yourself from within Online Banking .
Share draft accounts are available to any member of the Credit Union sixteen (16) years old, or more, who maintains membership in good standing. Minors must show evidence of parental approval.
The dividend rate on Super Share Draft and Super Plus Share Draft accounts will be based on prevailing marketplace conditions and the earnings of the Credit Union during the dividend period. Dividends earned are credited to the account monthly and included as the last transaction on the statement.
The Credit Union offers three options to protect members from overdrafting their account, including share transfers and lines of credit. Only one option of the first two can be requested by a member and authorized by the Credit Union at any given time. Member Privilege only is utilized if the transfer cannot be made by your Share Transfer or Checking line of credit.
- Option 1 – Share Transfer:
Upon prior written authorization from the member, the Credit Union will automatically transfer shares from the member’s regular share account to the draft account to protect against an overdraft. Federal law limits the number of electronic funds overdraft transfers you can make from your share account to six per month. A fee will be charged for each automatic share transfer. However, members are cautioned that this method can cause a loss of regular account dividends on the amount transferred. In the event the account is overdrafted beyond the available shares, the corresponding draft check will be returned unpaid and will be subject to an insufficient funds charge
- Option 2 – Line of Credit:
Members can apply for a line of credit up to $10,000.00 that may be granted subject to approval. In the event of an overdraft, funds in the exact amount of the overage will be automatically transferred from the member’s line of credit to his/her share draft account. In the event that an account is overdrafted beyond the approved line of credit, it will be returned unpaid and will be subject to an insufficient funds charge. The line of credit product is not offered or intended for use as a long-term loan. It is provided only for overdraft protection and is required to be repaid, with interest, in regular contracted automatic payments from your checking share draft account on the 15th of each month. Additional payments may be made at your Credit Union office, through online banking or by mail without prepayment penalties.
- Option 3 – Courtesy Pay:
Having a check or a pre-authorized debit returned due to insufficient funds can be a costly or embarrassing situation. That’s why at ABE, we encourage you to avoid overdrafts and manage your finances responsibly. However, we want to save you from the embarrassment, additional merchant fees and possible damage to your credit history that might result if a check or pre-authorized debit is returned. That is why we provide Member Privilege™ , a special overdraft privilege for your checking share draft account. This program which is offered above and beyond any ABE overdraft protection you may currently have on your account, can help you when unexpected circumstances arise. Learn More
Share Draft Account Charges:
Charges will be imposed only for printing draft checks and special services. The Credit Union will give members thirty (30) days’ written notice of any changes in charges or service fees.
In order to relieve the general membership of the burden of cost for special services, only those members requesting these services will be charged for them. These special services are as follows: ATM Usage, Stop Payment Orders, Draft Certification, Return of Draft for insufficient funds, Additional copies of monthly statements, Copies of Paid Drafts – $1.00 per copy ($15.00 maximum charge per request for up to 100 microfilm copies of an individual members account). These charges represent the Credit Union’s cost to obtain copies. However, wherever the member submits evidence of a bona fide need, for example a tax audit or proof of payment demand, such charges will be waived. Statement Reconciliation Assistance refers to a member who wishes to obtain significant assistance in reconciling one or more statements.
Computer Printed Checks:
For those utilizing financial management programs such as Microsoft Money or Quicken, your Credit Union check supplier offers preprinted checks in draft, wallet size, or voucher check formats, in either continuous form for dot matrix printers or single sheet for laser and ink jet printers.
Termination of Accounts:
The Credit Union reserves the right to terminate any account if it is deemed, at the Credit Union’s sole discretion, to be in the best interest of the Credit Union and the general membership. However, the following cases will be cause for automatically closing an account:
- Accounts of members who have three instances (not three checks) of insufficient funds within one year will be suspended for a period of ninety (90) days.
- Accounts of members who have been reinstated after suspension will be canceled for a period of one (1) year after two (2) more instances of insufficient funds within six (6) months after reinstatement.
The Check Clearing for the 21st Century Act (Check 21)
Check 21 makes it legal for financial institutions to accept a digital image of your original check. When and if it is converted back to paper it is called a substitute check. A substitute check is the legal equivalent of your original check and will include all the information contained on your original. As of Oct. 28, 2004, every financial institution in the country is required to accept these substitute checks.
What does a substitute check look like?
A substitute check is a paper copy of the digital image of your original check and is about the size of a business check. To protect you, the law requires that the financial institution that created it must warrant that it is accurate, and that it is produced utilizing industry standards.