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Overdraft Coverage Options

 

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

Service

Cost

Overdraft Protection Link to Another Deposit Account you have at Salem VA Credit Union1

No Charge

Overdraft Protection Line of Credit1, 2

Subject to fees + interest

Overdraft Privilege

$35.00 overdraft fee per item.

1Contact us at (540) 344-4419 or info@salemvafcu.org, or come by a branch to sign up or apply for these services; 2Subject to credit approval.

 

With Overdraft Privilege vs. Without Overdraft Privilege

With Overdraft Privilege Without Overdraft Privilege
Written Check Amount:     $50 Written Check Amount     $50
Overdraft Fee:                  $35 NSF/Return Fee              $35
You Pay:                           $85 Merchant Fee(up to):       $70
  2nd NSF/Return Fee*      $35
  You Pay:                         $190
 

*If merchant re-deposits check and funds are still unavailable.

 

 Accounts will be charged the standard Overdraft fee of $35.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $35.00 for items returned.  An overdrawn balance must be repaid within 32 days.  We may not pay items under your overdraft privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to Salem VA Federal Credit Union or if your account is subject to any legal or administrative order or levy.

 

Extended Coverage Consent Form

What happens when you don't have Overdraft Privilege

Additional Resources (My CU Library)

 

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Equal Housing Lender NCUA 1970 Roanoke Blvd.m Building 77, Suite 12, Salem, VA 24153. Phone: 540-344-4419. Toll Free: 1-800-308-6384 Go Green What's New Member Center Products & Services Join Us About Us Site Map Disclosures Privacy Home My CU Online Contact Us Home