Salem VA Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
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 Standard or Extended |
$35 Paid NSF Fee per item presented* |
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
*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 Credit Union or if your account is subject to any legal or administrative order or levy.
Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account, or line of credit you may have at Salem VA Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee 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. Please review What Else You Should Know for other important information.
Transactions Covered with Overdraft privilege |
Standard Coverage
|
Extended Coverage
|
If you would like to select Extended Coverage for future transactions |
Checks |
X |
X |
|
ACH – Automatic Debits |
X |
X |
|
Recurring Debit Card Transactions |
X |
X |
|
Online Bill Pay Items |
X |
X |
|
Teller Window Transactions |
X |
X |
|
ATM Transactions |
|
X* |
|
Everyday Debit Card Transactions |
|
X* |
*If you choose Extended Coverage on your consumer account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Overdraft Privilege Extended Coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.
You can discontinue Overdraft Privilege in its entirety by contacting us at (540) 344-4419 or sending us an e-mail at info@salemvafcu.org.
For more information please login to your online banking account or visit a branch in person.
Extended Coverage Consent Form
