|
An insufficient balance can result in several ways, including:
(1) the payment of checks, electronic funds or other withdrawal
requests, (2) automated payments authorized by you, (3) the
return of unpaid items deposited by you, (4) the assessment of
service charges or (5) the deposit of items for which, according
to Freedom’s Funds Availability Policy, funds are treated as not
yet available or finally paid.
Freedom is not obligated to pay any item presented for payment
if your account does not contain sufficient funds. However, if
you maintain your checking account in good standing (defined as
having no delinquent Freedom loans, making regular deposits and
bringing your account to a positive balance at least once every
30 days) and there are no legal orders outstanding, we may
approve your reasonable overdrafts as a non-contractual
courtesy.
Normally we will not approve an overdraft for you in excess of
the predetermined overdraft limit assigned to your account type.
So as not to exceed your limit, you should note that the amount
of each overdraft item, plus Freedom’s standard NSF fee, will be
deducted from the overdraft limit. We may refuse to pay an
overdraft for you at any time, even though we may have
previously paid overdrafts for you. You will be notified by mail
of any NSF items paid or returned that you may have: however, we
have no obligation to notify you before we pay or return any
item.
The amount of any overdrafts, plus any NSF fees that you owe,
shall be due and payable upon demand. Per your master Membership
and Deposit Account Agreement, if your account is a joint
account, all owners are liable jointly and severally for any
overdrafts paid on the account as well as any overdraft NSF
fees.
Your access to Member Advantage should not be considered an
enticement to overdraw your account or to abandon prudent
financial practices. As always, we encourage you to manage your
finances responsibly and in a manner designed to avoid
unintentional overdrafts. In the event you would like to opt out
of Member Advantage, you can do so by presenting a written
request to any Freedom FCU branch.
You should note that your Member Advantage limit may be, but is
not guaranteed to be, reflected in balances provided to you by
tellers, at any ATM or through FreeNet 24 and FreeLine 24.
By keeping accurate records and knowing your balance, you can
avoid mistakenly accessing your limit and incurring NSF fees.
The best way to do this is to use your checkbook register to
keep track of your deposits, written checks, withdrawals and ATM
or debit card transactions. Always reconcile your register with
your monthly statement.
What if I do not want to have Member Advantage on my checking
account?
In the event you would like to have this service removed
from your account, you may do so by presenting a written request
to any Freedom FCU branch. However, once this service is
removed, you should keep in mind that if an item is presented
for payment and there are not sufficient funds in your account,
the item will be returned to the payee and our standard NSF fee
of $28 will be charged per item.
Freedom Federal Credit Union reserves the right to limit Member
Advantage participation to one account per household or business
and to discontinue this service without prior notice.
Back to CHECKING ACCOUNTS
|
