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Overdraft Programs

When you're busy it's easy to lose track of your checking account balance. At times, a mistake, unanticipated expense, or unforeseen problem can leave you with too little cash in your checking account. We understand that mistakes happen - that's why we've designed several types of overdraft programs to give you peace-of-mind checking. Once you're aware of the overdraft coverages we offer, you need to choose the options that meet your financial needs.

We offer the following overdraft programs:

  • Overdraft savings transfers ($2.00* fee per transfer)
  • Overdraft line-of-credit loans that accrue finance charges and can be repaid by monthly payments
  • Courtesy Pay (sometimes defined as Standard Overdraft Practices)

This notice contains information about our Courtesy Pay coverage.

  • Courtesy Pay provides an additional safety net when sufficient funds are not available from your other overdraft options to cover returned items (checks, pre-authorized ACH - automatic debits, everyday debit transactions, ATM card transactions, TellerLine phone transactions, Virtual Branch Home Banking transactions, and other electronic transfers).
  • Courtesy Pay is a non-contractual consideration and does not constitute an actual or implied agreement between you and Welcome Federal Credit Union (WFCU). Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, (i.e. you're not making regular deposits or you've had too many overdrafts). If we pay an overdraft item, we will charge you a non-sufficient funds fee of $33.00* per item**.
  • No paperwork on your part is required to participate in Courtesy Pay for coverage on checks, TellerLine transactions, Virtual Branch transactions, ACH transactions, and automatic bill payments that you have set up for paying bills such as your mortgage, rent, or utilities and no fees will be applied to your account unless the service is used.
  • However, if you want WFCU to authorize and pay overdrafts for ATM and everyday debit card transactions (i.e. gas, groceries, restaurants, shopping, etc. ), you are required to opt-in to this service. If you don't opt-in, these transactions will typically be declined when you don't have enough money in your account.
  • If you opt in, you can cancel at any time. If you do not opt in, you can do so later.

Important Information about the attached opt-in form:

  • If there are multiple owners on the ATM and/or debit card account, either account owner can act on behalf of all owners to add or remove this overdraft coverage.
  • If you want to authorize us to pay overdrafts for your ATM and everyday debit card transactions please reply by one of the methods on the enclosed form.
  • If you choose to authorize us to pay overdrafts for your ATM and everyday debit card transactions, a separate form for each checking account you own at WFCU must be completed.

We encourage you to manage your checking account responsibly and we do not encourage overdrafts. Thank you for choosing Welcome Federal Credit Union as your financial institution. We appreciate your business!

*These fees are disclosed on our Rate & Fee Schedule and are subject to change at the discretion of the Board of Directors.
**You must bring your account to a positive balance within 30 days of the date of the overdraft.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Your savings are Federally insured to at least $250,000 and backed by the full faith and credit of the United States Government (National Credit Union Administration, a U.S. Government Agency). The Tree Swirl Service Mark is a registered trademark of Welcome Federal Credit Union. Unauthorized use is prohibited.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Your savings are Federally insured to at least $250,000 and backed by the full faith and credit of the United States Government (National Credit Union Administration, a U.S. Government Agency).