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What You Need To Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection plans; Hoboken School Employees Federal Credit Union; which is linked to another account and will sweep to credit the account that needs funds. This sweep transfer happens before the discretionary overdraft service and would be significantly less expensive than our standard overdraft practices. To learn more, ask about this plan and how to set it up.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

1. Checks and other transactions made using your checking account number
2. Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

1. ATM transactions
2. Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Hoboken School Employees Federal Credit Union pays my overdraft?

Under our standard overdraft practices:

1. We will charge you Non-sufficient funds (NSF) fee of Hoboken School Employees Federal Credit Union each time we pay an overdraft (this is the same fee we charge if your overdraft is returned). We also have a overdraft charge of Hoboken School Employees Federal Credit Union per business day.
2. The maximum number of Non-sufficient funds (NSF) fees that may be assessed in one business day is six (6) per account for consumers.

What if I want Hoboken School Employees Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call our Hoboken School Employees Federal Credit Union Department at 201-659-0126 and tell us, or simply make selection and submit.