Overdraft Services

We encourage you to manage your finances responsibly and not intentionally overdraw your account; however, we realize that financial shortfalls happen and we offer overdraft services to ensure that your eligible items get paid.

You Have Options

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, such as a link to your savings account or line of credit.

We encourage you to review all of your overdraft options before making a decision to opt in or out of these services. We may automatically grant you standard overdraft services after 30 days. Members may revoke their consent to these services at any time by contacting us either in person, by mail, or by phone.

Overdraft Privilege

What is Overdraft Privilege?

Overdraft Privilege is a discretionary overdraft service that provides you a safety net up to an automatically assigned overdraft limit. Your Overdraft Privilege limit may be available for checks and other transactions made using your checking account number, automatic bill payment and recurring debit card payments. Also, at your request, we may authorize and pay ATM transactions and everyday debit card purchases using your limit.

How does Overdraft Privilege work?

As long as you are 18 years or older and maintain your account in good standing, we may approve your overdraft items within your current available Overdraft Privilege limit as a non-contractual courtesy. Your checking account will be overdrawn by the amount that you exceeded your balance plus our Overdraft Privilege Fee of up to $35 for each item paid. If the item is returned, a Non-sufficient Funds Fee of $35 (per item) will be applied. The order in which items are presented may affect the fees assessed to your account. Learn more about payment order of items and fees by visiting our Overdraft FAQ page.

Overdraft Privilege is a feature of consumer checking shares that have been open for at least 30 days. Accounts will be assessed an Overdraft Privilege Fee of up to $35 for each item paid under the limit created by check, ACH, ATM card, debit card, in-person withdrawals, or other electronic means. For example, three overdrawn paid items in one day will result in three separate Overdraft Privilege Fees. There is daily maximum of $160 in total Overdraft Privilege Fees that may be imposed on an account. You should make every attempt to bring your account to a positive end-of-day balance as soon as possible and must do so at least once every 30 calendar days (including the payment of all credit union fees and charges). For Overdraft Privilege consideration, your account is considered to be in good standing if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit; (3) have no outstanding collection items or past due debts against your account; and (4) have no legal orders, levies or liens against your account. SRP Federal Credit Union may change the terms of this service or revoke the privilege at any time without notice.

Overdraft Protection

What is Overdraft Protection?

If you have other transaction accounts with SRP Federal Credit Union, you can authorize us to set up an automatic transfer to move the funds needed to cover your overdraft using our Overdraft Protection plan. If you overdraw your checking account, the funds will be automatically transferred* in $100 increments from the accounts activated in an order that you choose. This service is intended to protect against overdraws to your checking account.

*You can rely on six automatic transfers per month from your savings account (including primary, secondary, and Christmas Club). Federal regulations limit automatic transfers to six per month.

How does Overdraft Protection work?

Simply activate any of your qualified* savings or secondary checking accounts or Platinum Line of Credit** to serve as overdraft protection. An Overdraft Protection Transfer Fee of $2 will be assessed each time a transfer is triggered. The fee is imposed for overdrafts created by checks, in person withdrawals, ATM withdrawals or by other electronic means.

*Up to three shares, excluding Christmas Club Account
**Upon approval

Understanding Your Account Balance for Overdrafts

Your checking account has two kinds of balances: the “actual” balance and the “available” balance. We use your available balance when determining whether a transaction will cause your account to overdraw and for charging any related overdraft fees. You can review your balances when viewing your account online at SRP Online, at an ATM (available balance only), by phone or at a branch. Learn more about your account balances by visiting our Overdraft FAQ page.

Merchant Authorizations Reduce Your Available Balance

We post debit card authorizations and settlements from merchants as we receive them and cannot control when we receive them. Please also note that some merchants may submit authorizations for more than the settlement amount. Learn more about authorization holds by visiting our Overdraft FAQ page.

For More Details

Please read our Member Overdraft Privilege Policy for more information. If you have questions about our Overdraft Services, please contact us at 1-800-237-9829 or 803-278-4851 and select the Member Services option or stop by any of our branch locations.