Overdraft Privilege Frequently Asked Questions
If you have additional questions, visit a branch or call us today at 434.237.1566.
1. What is Overdraft Privilege?
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as a secondary coverage if the other protection sources are exhausted.
2. How much does Overdraft Privilege cost?
There is no cost for having Overdraft Privilege on your account. Fees will only be applied to your account if you overdraw your account and we elect to pay the transaction. Overdraft Privilege is a courtesy and not an extension of credit. You will only pay for Overdraft Privilege if you use it. Please see our Rate and Fee Disclosure for a full list of fees associated with the Overdraft Privilege Program.
3. Which transactions are covered by Overdraft Privilege?
|Which Types of Transactions does Overdraft Privilege Cover?|
|Transactions Covered with the Overdraft Privilege Program||Standard Coverage
(No action required)
(Your consent required)*
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Payment||X||X|
|Online Bill Pay Items||X||X|
|Internet Banking Transfers||X||X|
|Beacon Audio Response Teller (B.A.R.T.)||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
|*If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage.|
4. How much can my account be overdrawn?
Overdraft Privilege covers overdrafts up to $500 - $750 including the Overdraft Privilege Fees (depending on your account type). Your negative balance must be brought current within 32 calendar days and remain in good standing for one business day to avoid having the Overdraft Privilege removed by Beacon Credit Union.
5. How does Overdraft Privilege affect other overdraft protection, such as Member Plus Protection or overdraft from my savings accounts?
Overdraft Privilege will not change your current overdraft protection arrangements. If you selected overdraft from savings or have an additional line of credit (Member Plus Protection), we will first look to pay the item with funds from those sources. If funds are not available in your alternative sources, then Overdraft Privilege may be used to cover the transaction.
6. How do I sign up for Overdraft Privilege?
Standard Overdraft Privilege is a service that is automatically made available to Beacon members when they open an eligible checking account. However, if you would like Extended Overdraft Privilege to also cover your ATM and debit card transactions, you must specifically consent to this service. If you're not sure whether you have consented to Extended Overdraft Coverage, please contact a Beacon representative at 434.237.1566 or 1.800.868.6655.
You can consent to Extended Overdraft Coverage in the following ways...
7. Can Overdraft Privilege be removed from my account?
Yes, Overdraft Privilege can be removed anytime at your request. It may also be discontinued by the Beacon FCU 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 32 calendar days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
The best way to maintain your Overdraft Privilege is to promptly repay any negative balance that results from an Overdraft Privilege transaction. If you wish to remove Overdraft Privilege from your account yourself, see question 6 above.