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Overdraft Privilege for Your Checking Account
At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience.
At Harbor Credit Union, we do not encourage overdrafts. We encourage you to manage your finances responsible. However, we also know that mistakes can happen and we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned.
That’s why we provide Member Privilege, a special overdraft service for Harbor Members.
What is Member Privilege?
Member Privilege is an overdraft service requiring no action on your part. You don’t have to sign anything. Your Member Privilege limit amount will be automatically assigned.
Your Member Privilege limit may be available for checks and other transactions made using your Harbor Checking Account number or automatic bill payment. You may even opt-in to use Member Privilege on your ATM and Debit Card withdrawals and everyday debit card purchases within your limit.
How do I sign up for Member Privilege?
After the first 30 days your checking account has been opened, Member Privilege is automatically available. This is provided you have maintained satisfactory activity in the account, including regular deposits, consistent with our standards for new account types that offer Member Privilege. Once available, it will be continue as long as your account is in “good standing” as defined in your Member Agreement.
How does Member Privilege work?
As long as you maintain your account in good standing, Harbor Credit Union may honor overdrafts up to the Member Privilege limit on your account. Whether your overdraft 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 or you are not making regular deposits, or have too many overdrafts. To ensure you don't exceed your limit if you use Member Privilege, please note that the amount of the overdraft plus our standard NSF fee each item will be deducted from your overdraft limit. No interest will be charged on the overdraft balance. Please refer to the overdraft policy and fee schedule for additional details.
How do I know when I use the overdraft limit?
You will receive an overdraft notice in the mail each time an item is paid. The notice will show the check number, amount, and the paid item overdraft fee. You will need to subtract the total fees when balancing your checkbook.
What is my Member Privilege limit? I have two checking accounts. Can I get Member Privilege on both?
Your Member Privilege limit is $300 ($500 if you have our Advantage Checking account). If you have multiple accounts for your household, you may have a limit on all eligible accounts.
What if I go beyond my Member Privilege Limit?
Overdrafts above and beyond your established limit may result in checks or other items being returned to the payee. The returned item NSF fee will be charged per item and assessed to your account. An NSF notice will be sent to notify you of the items returned unpaid.
How quickly must I repay my Member Privilege?
You should take every attempt to bring your account to a positive end-of-day balance within 30 days. If you are not able to do so, you will receive a letter from Harbor Credit Union informing you of the situation and your options. If, after a period of time, your account has not been brought to a positive balance, we may suspend your account and take other steps to recover the funds.
What does Member Privilege cost?
There is no additional cost associated with the privilege unless you use it. You will only be charged a paid item Overdraft Fee as disclosed in our Fee Schedule for each item overdrawn from your account.
How can I access my Member Privilege?
What if I am having trouble repaying my Member Privilege?
Please contact us at 310-816-0440, option 1 if, 1) You do not believe you will be able to bring your account to a positive balance within 30 days; 2) Don’t understand why your account balances are overdrawn. We would like to discuss your situation with you.
What if I do NOT want Member Privilege?
You can opt-out just call a Credit Union Representative for more details. You can access Member Privilege through writing a check, or by cashing a check with a credit union teller, ACH-Auto debit and Telly the Teller.
What if I want Harbor Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (310) 816-0440, option #1 for a phone authorization or to request a form to be mailed out. Complete the form and mail to: Harbor Credit Union 510 W. Carson Street, Carson, Ca. 90745.
What are some other ways I can cover overdrafts at Harbor Credit Union?
You do have other options for overdrafts before and in addition to your Member Privilege. Other ways to cover your account includes:
· Link to Savings Account
· Overdraft Line of Credit
· Member Privilege