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Overdraft Privilege

Overdraft Privilege

We encourage you to manage your finances responsibly. However, if you are the type of person or a business that likes to have backup available, Overdraft Privilege (formerly known as “Courtesy Pay”) can help you avoid overdrafts that might result in additional third-party fees, returned/rejected items and possible damage to your credit history.

What is Overdraft Privilege?

Overdraft Privilege is Xceed Financial’s overdraft protection service on eligible checking accounts. It covers your account for potential overdraft transactions, such as checks, ACH debits, ATM, and Point-of-Sale (POS) withdrawals. If your account has insufficient available funds and you attempt to pay for something (with a check or your debit card, for example), Overdraft Privilege may cover that transaction and related fees up to the applicable Overdraft Privilege limit. This helps you avoid a returned check, rejected transaction or additional merchant fees.*

How does Overdraft Privilege work?

Overdraft Privilege is a service made available for checking accounts only. Eligible checking accounts are automatically enrolled for ACH and check clearing transactions (Standard Overdraft Privilege) the following business day once a total of $250 is deposited into the account. Added coverage for ATM and debit card transactions (Extended Overdraft Privilege) requires members to provide consent first. Members may revoke their consent to Overdraft Privilege at any time. The amount of the overdraft, plus the related fee for each paid item will be deducted from the Overdraft Privilege limit. If the item is returned, the fee for each returned item will be deducted from your account.

For More Details

Please read our Overdraft Coverage Brochure and What You Need to Know About Overdrafts and Overdraft Fees. If you have questions about our Overdraft Protection services or Overdraft Privilege, please contact us.

*Accounts will be charged a $34 Overdraft Privilege fee for each overdrawn paid item created by check, ACH, ATM card, debit card, in-person withdrawals, or other electronic means. For example, three overdrawn paid items in one day will result in three separate Overdraft Privilege fees. There is no limit on the amount of Overdraft Privilege fees that may be imposed on an account. You should make every attempt to bring your account to a positive end-of-day balance as soon as possible and must do so within 35 days. We may refuse to pay an overdraft item if you do not maintain your account in good standing, if you fail to bring your account to a positive end-of-day balance within the above mentioned time frame, if you default on any loan or other obligation to us or if your account is subject to any legal or administrative order or levy. Programs, terms and conditions are subject to change at any time without notice.

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