Overdraft Privilege

• Overdraft Privilege is not a line of credit.  However, if you overdraw your account, we will have the discretion to pay the overdraft, subject to the limit of your Overdraft Privilege, after first subtracting the amount of the overdraft fees(s).
• Overdraft Privilege is a voluntary service and we allow you to opt out at any time.
• We will not pay overdrafts for ATM or debit card transaction unless you have opted in to the payment of overdrafts for these transactions.
• Transactions will be processed against the available balance in your account at the time of processing and we use the available balance when determining whether a transaction will cause your account to overdraw and for charging overdraft fees.

Your checking account has two kinds of balances: the “actual” balance and the “available” balance. You can review both balances when you review your account online, at an ATM, by phone, or at a branch. It is important to understand how the two balances work so that you know how much money is in your account at any given time. The actual balance and available balance may differ as the available balance may be reflective of any pending ATM or debit card transactions that have not posted to the account or due to check holds.

It is important to understand you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all your outstanding checks and automatic bill payments that you have authorized (or other outstanding transactions) that have not yet posted to your account.

The best way to know how much money you have and avoid paying service charges is to record and track all your transactions closely.

Transactions may not be processed in the order in which they occurred and the order in which transactions are received and processed may impact the total amount of service charges incurred. There are many ways transactions are presented for payment by merchants and we are not necessarily in control of when transactions are received. We may receive multiple deposit and withdrawal transactions on your account in many different forms throughout each business day. This means you may be charged more than one service charge if we pay multiple transactions when your account is overdrawn. There is no limit on the total fees we can charge you for overdrawing your account.

Each item that overdraws your checking account will be charged an Overdraft Privilege Fee of $15.00 per item if the resulting negative account balance is $10.00 or less or $32.00 per item if the resulting negative account balance is more than $10.00. There is no limit to the total fees that we may charge you for overdrawing your account.

Your next deposit will be used to repay the amount of the overdraft and the overdraft fee(s).

You must bring your account to a positive balance within 30 days of the first overdraft resulting in the negative balance. If the account is not brought current within the allotted time frame, we may, in our sole discretion, revoke the Overdraft Privilege from the account.  In addition, failure to pay can also result in checking account closure.

It is the policy of Vantage West Credit Union to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.

The Membership Agreement & Account Disclosures provided to you at the time you opened your account with us controls the duties, obligations and rights of the member, the joint owners and Vantage West Credit Union with regard to your checking account. The Member Agreement & Account Disclosure (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Overdraft Privilege Disclosure and the Membership Agreement & Account Disclosure. A copy of the Membership Agreement & Account Disclosure is available to you upon request from any Vantage West branch or through our Member Information Center.

Discretionary Overdraft Privilege should not be viewed as an encouragement to overdraw your account. We encourage you to manage your account responsibly to avoid fees.

Opt In. Overdraft Privilege is a voluntary service and Vantage West Credit Union will not pay overdrafts for ATM or everyday debit card transaction unless you have opted in to the payment of these overdraft types. An overdraft occurs, and an overdraft fee is charged, when the available balance in your account is insufficient to cover transactions you have made, but we pay the transaction(s) on your behalf.

Accounts in Good Standing. Pursuant to Vantage West Credit Union’s commitment to always provide you with the best level of service, now and in the future, if your account is maintained in good standing, which includes but is not limited to:

1.  Bringing your account balance to a positive balance within a thirty (30) day period;
2.  Not being in default on any loan or other obligation to Vantage West Credit Union; and
3.  Not being subject to any legal or administrative order or levy.

Vantage West Credit Union will have the discretion to pay overdrafts within your Overdraft Privilege limit. Remember, payment by Vantage West Credit Union is a discretionary courtesy and not a right of the member or an obligation of Vantage West Credit Union.  A non-sufficient funds fee will be assessed for each returned item (as set forth in our Fee Schedule).  Vantage West Credit Union reserves the right to revoke Overdraft Privileges at any time without prior notification and to deny the payment of any transaction.

Limits. A daily comprehensive evaluation of your account will determine your Overdraft Privilege limit. Your limit can vary each day and is based on, but not limited to, the following criteria.

• Age of account
• Deposit amounts
• Overdraft activity
• Deposit regularity
• Status of credit union loans

Checking Account Balance.  Your checking account has two kinds of balances: the “actual” balance and the “available” balance. You can review both balances when you review your account online, at an ATM, by phone, or at a branch. It is important to understand how the two balances work so that you know how much money is in your account at any given time. The actual balance and available balance may differ as the available balance may be reflective of any pending ATM or debit card transactions that have not posted to the account or due to check holds. Transactions will be processed against the available balance in the account at the time of processing and we use the available balance when determining whether a transaction will cause your account to overdraw and for charging overdraft fees.

Your Available Balance is the amount of money in your account that is available to you to use without incurring an overdraft fee The available balance takes into account things like holds placed on deposits and pending transactions (such as pending debit card purchases) that the Credit Union has authorized but that have not yet posted to your account.

Your Actual Balance is the amount of money that is actually in your account at any given time. It reflects transactions that have “posted” to your account, but it does not include transactions that have been authorized and are pending. While it may seem that the actual balance is the most up-to-date display of the funds that you can spend from your account, this is not always the case. Your account may have purchases, holds, fees, other charges, or deposits made on your account that have not yet posted and, therefore, will not appear in your actual balance.

It is very important to understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all your outstanding checks and automatic bill payments that you have authorized (or other outstanding transactions) that have not yet posted to your account.

How Transactions are posted to your account. Transactions will be processed against the available balance in the account at the time of processing. The actual balance and available balance may differ as the available balance may be reflective of any pending ATM or debit card transactions that have not posted to the account or due to check holds. Transactions may not be processed in the order in which they occurred and the order in which transactions are received and processed may impact the total amount of fees incurred. There are many ways transactions are presented for payment by merchants and we are not necessarily in control of when transactions are received. We may receive multiple deposit and withdrawal transactions on your account in many different forms throughout each business day. This means you may be charged more than one fee if we pay multiple transactions when your account is overdrawn. There is no limit on the total fees we can charge you for overdrawing your account.

If you overdraw your account.  Each item that overdraws your checking account will be charged an Overdraft Privilege Fee as described in the Fee Schedule. There is no limit to the total fees that we may charge you for overdrawing your account.  The total of the discretionary Overdraft Privilege (negative) balance, including any and all non-sufficient funds/overdraft and other fees and charges is due and payable upon demand, and the member and each joint owner will continue to be liable, jointly and severally, for all such amounts, as described in the Membership Agreement & Account Disclosure with a maximum repayment period of 30 days. Your next deposit will be used to repay the amount of the overdraft and the overdraft fee(s). If the account is not brought current within the allotted time frame, Vantage West Credit Union, at our discretion, can revoke the Overdraft Privilege from the account.  In addition, failure to pay can also result in checking account closure.

Again, while Vantage West Credit Union will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy and not a right of the member or an obligation of Vantage West Credit Union. Vantage West Credit Union may, in its sole and absolute discretion, cease paying overdrafts at any time without prior notice of reason or cause.

Yes. You can set up automatic transfers from another account or your Credit Union credit card or line or credit if you do not have sufficient funds in your account to cover a transaction. An overdraft transfer fee will apply to each transfer. If your transfer account or credit card does not have sufficient funds, the transaction may be covered by the Overdraft Privilege program.

Learn about Overdraft Protection.

Overdraft Privilege is not a line of credit.  However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to the limit of your Overdraft Privilege, after first subtracting the amount of the overdraft fee(s).

An overdraft occurs, and an overdraft fee is charged to you, when the available balance in your account is insufficient to cover transactions you have made, but we pay the transaction(s) on your behalf. Transactions could include ATM withdrawals, debit card purchases, in person withdrawals, checks, automated payments or other electronic transactions.

We encourage responsible financial management, but we recognize there are times when you need some extra convenience and flexibility. Our Overdraft Privilege is designed to provide that convenience and flexibility in an affordable and responsible manner.

Your available balance is the amount of money in your account that is available to you to use without incurring an overdraft fee. The available balance takes into account things like holds placed on deposits and pending transactions (such as pending debit card purchases) that the Credit Union has authorized but that have not yet posted to your account.

Your actual balance is the amount of money that is actually in your account at any given time. It reflects transactions that have “posted” to your account, but it does not include transactions that have been authorized and are pending. While it may seem that the actual balance is the most up-to-date display of the funds that you can spend from your account, this is not always the case. Your account may have purchases, holds, fees, other charges, or deposits made on your account that have not yet posted and, therefore, will not appear in your actual balance.

It is important to understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you want to make. This is because your available balance may not reflect all your outstanding checks and automatic bill payments that you have authorized (or other outstanding transactions) that have not yet posted to your account.

Transactions will be processed against the available balance in the account at the time of processing and the available balance is used to determine when you are overdrawn.

There are two main types of transactions in your account: credits or deposits of money into your account, and debits or payments out of your account. It is important to understand how each transaction is handled so that you know how much money you have available for use in your checking account.

Credits.  Most deposits are added to your account when we receive them. For some checks you deposit, only $200 will be made available at the time of deposit and the remainder will be available two (2) business days later. Additionally, there may be extended holds on checks over $5,000. Thus, your available balance may not reflect the most recent deposits to your account. For additional information on when your deposited funds will be available for withdrawal, see the section of your Member Agreement entitled “Funds Availability Policy.”

Debits.  You can make several types of debit transactions from your account. Each type of debit transaction is described generally below. Keep in mind that there are many ways transactions are presented for payment by merchants and other financial institutions and we are not necessarily in control of when transactions are received and posted to your account.

Checks. When you write a check, it is processed through the Federal Reserve System. We receive data files of cashed checks from the Federal Reserve each day. The checks drawn on your account are compiled from these data files and paid each day.

ACH Payments. We receive data files every day from the Federal Reserve with Automated Clearing House or ACH transactions. These transactions include, for example, automatic bill payments that you have authorized. Each day, ACH transactions for your account are grouped together and paid in low to high dollar value.

Point of Sale (POS) Debit Card Transactions. A POS transaction is when you use your debit card and you enter your PIN number at the time of the transaction. A POS transaction is similar to ATM withdrawals because money is usually deducted from your account immediately at the time of the transaction. However, depending on the merchant, some POS transactions are not presented for payment immediately.

Signature Debit Card Transactions. A Signature transaction is where you make a purchase with your debit card and you do not enter your PIN but you are instead asked to sign for the purchase. Signature transactions also include online transactions and transactions where you select “Credit” rather than “Debit” when using your debit card. For Signature transactions, the merchant may seek prior authorization for the transaction. When this occurs, we generally place a temporary hold against the available funds in your account. We refer to this temporary hold as an “authorization hold,” and the amount of the authorization hold is subtracted from your available balance. Authorizations are deducted from your available balance but not your actual balance as they are received by us throughout each day. At some point after you sign for the transaction, it is processed by the merchant and submitted to us for payment. This can happen hours or sometimes days after you signed for it, depending on the merchant and its processing company. These payment requests are received in real time throughout the day and are posted to your account as they are received.

Authorized Amount versus Final Amount. The amount of an authorization hold may differ from the actual payment because the final transaction amount may not yet be known to the merchant when the authorization request is submitted. For example, if you use your card at a restaurant, a hold will be placed in the amount of the bill presented to you. But, when the transaction is processed and posted to your account it will include any tip that you may have added to the bill. This may also be the case where you swipe your debit card at gas stations, hotels, rental car agencies and other retail establishments. We cannot control how much a merchant asks us to authorize, or when a merchant submits a transaction for payment.

If you want Vantage West to authorize and pay overdrafts on Checks, ACH, ATM, and everyday debit card transactions, submit the Overdraft Privilege Opt-In Form or contact us at  800-888-7882.

If at any time you NO LONGER want Vantage West to pay overdrafts on checks, ACH, ATM, and everyday debit card transactions, submit the Overdraft Privilege Opt Out Form or contact us at 800-888-7882.

Yes, you must bring your account balance to a positive balance within 30 days of the first overdraft resulting in the negative balance. If the account is not brought current in the allotted time frame, Vantage West may, in its sole discretion, revoke the Overdraft Privilege from the account.

Also, it is important to note that Vantage West reserves the right to revoke Overdraft Privilege at any time without prior notification and to deny the payment of any transaction. Overdraft Privilege is a discretionary courtesy and not a right of the member or an obligation of Vantage West.

No, Vantage West has the discretion to pay overdrafts within the Overdraft Privilege limits, but payment by Vantage West is a discretionary courtesy and not a right of the member or an obligation of Vantage West.

Vantage West is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Vantage West of an overdraft item does not obligate Vantage West to pay any other overdraft item or to provide prior notice of its decision to refuse to pay such item.

Each item that overdraws your checking account will be charged an Overdraft Privilege Fee of $15.00 per item if the resulting negative account balance is $10.00 or less or your account will be charged $32.00 per item if the resulting negative account balance is more than $10.00. There is no limit to the total fees that we may charge you for overdrawing your account.

Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may impact the total amount of fees incurred.

We will mail you a letter to notify you each time there is an overdraft item processed on your account. If you have eStatements, you will receive an email notification.

You must bring your account to a positive balance within 30 days of the first overdraft resulting in the negative balance. If the account is not brought current in the allotted time frame, Vantage West may, in its sole discretion, revoke the Overdraft Privilege from the account. Failure to pay can also result in checking account closure.

Your next deposit will be used to repay the amount of the overdraft and the overdraft fee(s).

Members may opt in for checking accounts, but not savings accounts.

Savings account transactions will be declined if funds are not available.

Overdraft Protection is available through automatic overdraft transfers from accounts you designate, such as savings, Visa or a line of credit if you do not have sufficient available funds to cover a transaction. To help avoid overdrafts, use Online Banking to keep tabs on your account.

We are happy to help you set up Overdraft Protection from an existing share account or assist you with applying for a Visa credit card or line of credit if you do not already have one.  Contact us to learn more.

Yes, they are different services. Overdraft Protection transfers will occur first if funds are available. Overdraft Privilege will be used only if you do not have sufficient funds after the Overdraft Protection transfers.

We offer assistance so that together we can discuss ways to help you manage your finances. Visit one of our branches or call our Loss Mitigation Department at 520-751-7003 to see how we can help.