Overdraft Coverage Options

We know accidents happen. Unexpected overdrafts occur from time to time. Here are your options for protection from non-sufficient funds charges and returned payment fees.

The choice is yours. Consider these ways to cover overdrafts:

^*Call us at (419) 448-0191, email us at info@yourlegacyfcu.com, or visit 25 Shaffer Park Drive to sign up or apply for these services.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another deposit account you may have at Your Legacy Federal Credit Union for a fee.

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 secondary coverage if the other protection source is exhausted.

You can discontinue the Overdraft Privilege in its entirety by contacting us at (419) 448-0191 or sending us an e-mail at info@yourlegacyfcu.com.

*If you choose Complete Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage**

What Else You Should Know 

• A link to another account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance.
• The $30 Overdraft Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a NSF Fee of $30. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
• Our policy is to process Debit Card Transactions, Online Banking transfers, Mobile Banking transfers and Phone transfers first, in the order they are received on the day they are processed. We process Bill Pay Transactions second, in the order they are received on the day they are processed. We process Wire transfers third, in the order they are received on the day they are processed. We process ACH transactions fourth, in the order they are received on the day they are processed. We process share-drafts (checks) fifth, in the order they are received on the day they are processed. We process Preauthorized Transfers sixth, in the order they are received on the day they are processed. Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Fees assessed.
• Although under payment system rules, Your Legacy Federal Credit Union may be obligated to pay some unauthorized debit card transactions, Your Legacy Federal Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
• Giving us your consent to pay everyday debit card and ATM overdrafts may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card.
• Your Legacy authorizes and pays transactions using the available balance in your account. The available balance is comprised of the ledger balance (collected funds) less any debit card holds and does not include any deposited funds on hold. Your Legacy Federal Credit Union may place a hold on deposited funds in accordance with our Funds Availability Policy. If the funds in the available balance are not sufficient to cover a transaction, any available overdraft protection and/or the amount of the Overdraft Privilege limit, may be used to authorize and pay a transaction.
• Please be aware that the Overdraft Privilege amount is not included in your balance provided through online banking, mobile banking or on ATM receipts.
• Your Legacy Federal Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
• Except as described in this letter, Your Legacy Federal Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
• We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit. If you use your debit card for recurring payments, e.g., utilities, and your debit card is ever suspended, these transactions will be declined or returned to the payee(s). You will need to make other arrangements to make these payments to the payee(s).
• Overdraft Privilege limit of up to $500 is available for eligible Checking (Share-Draft) accounts in good standing.
• Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
• Overdraft Privilege may be discontinued 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 thirty (30) days for a minimum of one business day.
• **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 non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item.
• Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Truth-In-Savings Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (419) 448-0191 or visit us at 25 Shaffer Park Drive.