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Overdraft Protection Solutions

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Navigating Overdrafts: Protection and Privilege Options

Life is full of surprises, but your finances do not have to be.

With our Overdraft Protection Solutions, you can manage the unexpected confidently, avoiding unnecessary fees and keeping your budget on track. Stay secure and prepared, no matter what comes your way.

Overdraft Protection

It's free! Link your checking account to your membership savings or club savings account at no charge. Or use your personal credit line for overdrafts; interest accrues per your APR (Annual Percentage Rate). Set up in-branch, by phone, or via digital banking.

Overdraft Privilege

If overdraft protection does not cover your needs, Overdraft Privilege steps in to fund checks, ACH debits, and recurring transactions, preventing fees from returned checks or hefty late fees. It is a discretionary service offered automatically to eligible checking accountholders, only used when no funds are available in your checking account or enrolled overdraft savings or line of credit sources.

Overdraft Privilege Plus

This service works just like regular overdraft privilege, but it also covers non-recurring everyday ATM and debit card transactions. You must opt-in for overdraft privilege plus and you can opt-out at any time. Interested? Visit a branch or contact us.

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Understanding Overdrafts and Your Account

How Do Overdrafts Occur?

An overdraft occurs when there isn’t enough available funds in youraccount and a payment goes through anyway. Sometimes instead of incurring an overdraft, the payment will get rejected for non-sufficient funds. If your account overdrafts or has payments returned for non-sufficient funds, you may have to pay fees.

What Is a Business Day for Deposits?

Deposits are processed on business days Monday-Friday, not including holidays. Each business day ends with a cutoff time for when a deposit will be considered.

When Do ACH and Checks I’ve Written Post?

We post transactions in two different groups - prior-day and current-day. Prior-day transactions are posted first with deposits before payments and withdrawals. This generally includes any account activity that occurred after the cutoff period of the prior day and before midnight. After prior-day transactions, current-day transactions are posted with deposits before payments and withdrawals. Checks are processed prior to the end of a business day.

What Is a Pending Transaction?

For most debit card purchases, a pending transaction will show on your account before it is actually posted. This means the amount will be held and your available balance will decrease accordingly. So, even though your transaction has not been posted, funds are still withheld to cover the purchase. You could even be charged overdraft fees if you make other transactions that total more than your overall available balance. Click here to learn how temporary debt card holds affect your account.

When Are My Deposits Available?

It depends because different types of deposits (cash, direct deposit, checks) become available at different times. Please review our Funds Availability Policy.

The Exceptions.

There are things that may delay the availability of your funds, including the total amount of your deposit, your account history and how recently you opened the account. This is one of the many ways we protect you from fraud. For a full list of exceptions, see our Funds Availability Policy.

What Can I Do to Avoid Overdrafts and Non-Sufficient Funds?

The best way is to ensure that you always have enough funds available in your account from the time a transaction is initiated until it posts to your account. However, with our online, mobile and text banking tools, there are things you can do to help minimize the possibility of an overdraft, including:

Track Your Balance: Know your balance before you spend. Log in to Online Banking or Mobile Banking to check your account activity and remember to consider any outstanding checks or scheduled payments.
Set Up Alerts: Balance Alerts can help you avoid overdrafts and the fees that come with them, while Transaction Alerts can tell you when deposits and credits post to your account.
Know Your Overdraft Protection Options

How temporary Debit Card Holds Affect Your Account:

When you use a debit card, merchants may request a temporary hold on your account for a specified amount, which may be more than the actual amount of your purchase. When this happens, we cannot determine that the amount of the hold exceeds the actual amount of your purchase. This temporary hold and the amount charged to your account, will eventually be adjusted to the actual amount of your purchase, but it may be up to three days. Until the adjustment is made, the amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold. If another transaction is presented for payment in an amount greater than the funds left after the deduction of the temporary hold amount, that transaction will be a nonsufficient funds (NSF) transaction if we do not pay it or an overdraft transaction if we do pay it. You will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. You will be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to the amount of your purchase.

Here is an example of how this can occur – assume for this example the following:

You have opted-in to our overdraft privilege plus service for the payment of overdrafts on ATM and everyday debit card transactions,
We pay the overdraft, and
Our overdraft fee is $30 per overdraft.

You have $120 in your account. You insert or tap your debit card at the gas pump and the merchant requests an $80 authorization because the actual purchase amount is unknown. The authorization causes a temporary hold on your account for $80 and your available balance is reduced to $40 ($120 - $80 = $40). You fill your tank, and the purchase amount is only $50, so you may believe you have $70 available in your account for other transactions. Remember, it may take up to three days for the temporary hold to be adjusted to the amount of your gas purchase. Later the same day, another transaction you have authorized for $60 is presented for payment (this could be a check you have written, another debit card transaction, an ACH debit, or any other kind of payment request). Because the amount of this other transaction is greater than the amount available in your account, our payment of this transaction will result in an overdraft transaction and your account will be assessed the overdraft fee according to our overdraft fee policy.

Unless you understand how a hold affects your account, your debit card could be declined in future transactions. This can be embarrassing and inconvenient. It could also be costly. If checks or other transactions are processed before the hold is released, you may overdraw your account and incur overdraft fees.

Learn more about how temporary holds affect your account balance.

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Important Information Regarding Overdrafts and Your Account

Learn more about how temporary holds affect your account balance.

FAQs

Is there a fee for overdraft privilege and overdraft privilege plus services?

Overdraft privilege and overdraft privilege plus services are subject to overdraft/non-sufficient funds (NSF) fees dependent upon your Overdraft Protection plan and/or Overdraft Privilege service and Overdraft Privilege Plus election. For more information, click here.

What types of transactions are covered by overdraft privilege?

Overdraft privilege can be used to cover check, ACH debit, bill pay, and reoccurring debit transactions. For non-reoccurring everyday ATM card or debit card transactions, you must request for us to cover and pay those items with overdraft privilege plus. We pay overdrafts at our discretion, which means we do not guarantee that we will always pay any type of transaction.

How do I opt in or out of overdraft privilege?

Overdraft Privilege is a discretionary service offered automatically by JetStream FCU to eligible checking accountholders. If you do not want your checking account to be considered for overdraft privilege, you may opt out by sending your request in writing or by visiting one of our branch locations.

You can easily opt out (or back in) on the members 1st mobile app, online banking, by phone at (800) 283-2328 or at one of our branch locations.

How do I opt in or out of overdraft privilege plus?

You can easily opt in or out of overdraft privilege plus by contacting us at 800-426-3556 or at one of our branch locations.

Please review this important information regarding Overdrafts and Your Account