Accident’s Happen! Rather than returning items that overdraw your account unpaid, Summit Credit Union will consider payment of overdrafts up to $400. While a Non-Sufficient Funds Paid fee of $29 will still apply, you may avoid the high charges from merchants for returned checks.
Overdraft Privilege is a service attached to your personal Checking account after your checking account has been open for 60 days. We think you will appreciate this service, because it provides a number of important benefits for you, such as:
- By automatically paying all overdraft items that you write that process through the Federal Reserve or through the Automated Clearing House (ACH) Network, your Overdraft Privilege may eliminate bounced checks and returned check charges from merchants;
- You do not need to do anything to activate this service; and
- If you don't use it, it won't cost you anything.
Overdraft Privilege will only apply to checks you write that clear through the Federal Reserve and automatic drafts you have authorized to be paid from your checking account; it will not cover in-person withdrawals.
Once Overdraft Privilege pays items for you, you have a maximum of thirty days to pay off your overdraft balance. After thirty days, your Overdraft Privilege service will be suspended until the negative balance is paid in full.
Overdraft Privilege will not be available if you have an outstanding payment plan, a delinquent loan with Summit CU, a negative deposit account or if your membership share account is below the $25.00 minimum balance requirement.
Whether your overdrafts will be paid is discretionary and Summit Credit Union reserves 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 you have too many overdrafts.
The simple requirements for maintaining your Privilege are spelled out in the Overdraft Privilege Disclosure. So please take a minute and read through it. And, if you have any questions, just call us at 336-662-6200 or 1-800-632-0210. To opt-out of this service simply complete and return our opt-out form.
Looking for a lower cost alternative to Overdraft Privilege? Consider Overdraft Protection! The interest rate on our overdraft protection loans are much lower than overdraft loans offered by other financial institutions and without any transfer fees! Free transfers from your membership share account are also available. Click here to find out more about our Overdraft Protection options.
Don't have your checking account with Summit Credit Union? We have made it easy to switch your checking account to a FREE Checking account with your very own Summit Credit Union. Just click on the following link: Switch Kit! If you do have your checking account with Summit Credit Union we appreciate your business, and your Overdraft Privilege is just another way we can say thank you!
Overdraft Privilege Is Simple And Convenient 
