PriorityONE Credit Union of Florida

Overdraft Protection and Privilege

We believe it is important for you to use your checking account responsibly and to never intentionally overdraw your account. However, we realize that financial shortfalls happen from time to time and we have several options available for you. As a benefit to our members, we offer these useful services to cover you in the event that you overdraw your checking account.

Overdraft Protection options:

Transfer from another account - If you have other accounts with us, you can authorize us to transfer the funds needed to cover your overdraft.

Line of Credit - A line of credit is available to cover overdrafts. This service requires you to complete an application and approval is based on your credit worthiness. The amount of your limit varies.

Overdraft Privilege - Overdraft Privilege is a service we add to your checking account to cover overdrafts to a set limit, subject to the eligibility criteria as explained below. With Overdraft Privilege we will generally pay your overdraft items up to $1,000.00, however, whether your overdrafts will be paid is discretionary and we reserve 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. When we pay overdraft items for you, you will be charged our normal overdraft fee for each item that is presented. Both the amount of the overdraft items and all applicable fees, including but not limited to the overdraft fees, are included in this limit.

Eligibility Criteria - No application is required for the Overdraft Privilege; eligibility is based on you managing your checking account in a responsible manner. You will be eligible for the Overdraft Privilege unless:

  • They are more than 30 days past due on any Credit Union loan or delinquent on any other obligation to the Credit Union.
  • They are subject to any legal or administrative orders, levy or are currently a party in a bankruptcy proceeding.
  • They have a current outstanding balance in an Overdraft Repayment Plan.
  • An extended hold is being placed on their checking account or any other account relationship, in which case their Overdraft Privilege will be suspended without prior notice.
  • They are a minor.
  • A ChexSystems or any other negative indicator is present.
  • Their account has been opened less than 60 days.
  • Their account is a fiduciary trust or escrow.
  • Their account is classified as dormant.

Suspension/Removal of Privilege - Members may be suspended or removed immediately from the Overdraft Privilege if:

  • They do not bring their account to a positive balance within a 30 day period
  • They fail to meet our eligibility criteria
  • If they meet all the criteria listed above, we may still remove the privilege if we believe the member is not managing their account in a responsible manner which may harm them or us.

Transactions Covered by Overdraft Privilege - Overdraft Privilege will be available for all checks written, in-person withdrawals, ACH transactions, ATM transactions, Debit card transactions, or other electronic transactions. Please check your balance before initiating an ATM transaction to see if the withdrawal will create an overdraft on your account, which will result in you being assessed our overdraft fee for each withdrawal.

Payment Order of Items - The order in which items are presented may affect the total fees incurred by a member. The first items that we pay are any checks cashed by our employees or that you have written to us. As permitted by law, our payment policy will cause your largest, and perhaps most important, items to be paid first. We then pay any items that were submitted electronically, such as ATM withdrawals, ACH items, any debit card transactions, preauthorized automatic transfers, telephone-initiated transfers and any other electronic transfers as they come in.

Opt Out - You may never need to take advantage of the Overdraft Privilege option but you may find it useful in the event of a temporary shortfall. If you do not want to have Overdraft Privilege, simply contact us at 954-335-5100 and you can opt out either verbally or in writing. All opt out information is also available on our website.

Additional Information - Your account agreement describes the duties, obligations, and rights of depositors, authorized signatories and the Credit Union with regard to your deposit accounts. That account agreement is incorporated herein for all purposes as if it were set forth verbatim as to matters not directly addressed by this disclosure. Your account agreement and this disclosure shall be construed so as to minimize conflicts between them.

Waiver: The Credit Union's forbearance from, or delay in, exercising any of the Credit Union's rights, remedies, privileges, or right to insist on your strict performance of any provisions of your account agreement, this Overdraft Privilege disclosure, or any other provision related to your account, shall not be construed to be a current or future waiver of the Credit Union's rights, remedies or privileges.

You and the Credit Union agree that the exclusive remedy and forum for all disputes arising out of the overdraft privilege or your or Credit Union's performance there under, except for matters you or Credit Union take to small claims court, is arbitration by an independent arbitrator pursuant to the applicable rules of the American Arbitration Association, except as prohibited by law

Effective Date - All information listed in this disclosure is effective as of 05/08/2014.