Our Overdraft Privilege service covers you when you don’t have enough available funds in your checking account. It allows you to pay a $28 overdraft fee* to cover a check or transaction $700 beyond your available checking account balance—up to your overdraft limit. Hint: You won’t be charged an overdraft fee for transactions less than $5.00. View our Overdraft Privilege Policy here.
An eligible account in good standing is defined as the following:
- The primary account owner must be 18 years of age
- The account has been open for at least thirty (30) days and has deposits totaling at least $300 or more within each thirty (30) day period
- The account demonstrates consistent deposit activity
- The account owner is current on all loan obligations
- The account is not overdrawn for more than 30 consecutive calendar days
- The account is free of any restrictive hold codes
Not immediately. For new checking accounts there will be an aggregate deposit requirement of $300 during the initial 30-day period following the opening of the account. In addition, the member must meet the eligibility requirements listed above in order to qualify for Overdraft Privilege.
Members will receive a letter from Dupaco when they become eligible for an overdraft limit, no sooner than 30 days after account opening. Existing members can contact Dupaco to ask if they have an overdraft limit available.
No. Because the amount of the overdraft advance is provided at no interest, Overdraft Privilege provides members with an excellent alternative to expensive payday loans.
Overall, credit unions typically charge less for overdraft services than other financial institutions offering similar services. (The average overdraft fee at a credit union is considerably less than the average fee at the nation’s big banks.)
What happens if I don’t have enough money in savings for an automatic transfer and I’m not enrolled in Dupaco’s Overdraft Privilege program?
In the event you don’t have enough money in your linked account to cover an automatic transfer—or if you aren’t enrolled in Dupaco’s Overdraft Privilege service—we’ll return the transaction to the merchant or payee as “unpaid due to insufficient funds.” Hint: We won’t charge you any fees, but your merchant may.
Dupaco’s NSF fee schedule is not determined on a per-day basis. The NSF fee is per item, therefore if the account is overdrawn, a NSF fee is charged when a new check or transaction clears the account. Some banks charge a fee for every day an account is overdrawn. For Dupaco members, as long as no additional checks or transactions clear, a member’s account may remain overdrawn for as long as 30 days with no additional fees or interest charged.
If your checking account is eligible for overdraft privilege, you would still be able to withdraw funds while the account is negative. There is a limit to how much a member can overdraft. The member must bring the account positive within 30 days or the account will be considered delinquent. Members cannot withdraw from delinquent accounts.
No. Dupaco posts checks and debit transactions in the order the credit union receives them. Therefore, maintaining an accurate record of outstanding checks written and debit transactions you have made on your checking account will give you the “real” balance of your account at any time.
*The Overdraft Privilege service fee is $28 per overdraft, with a maximum of one fee per day. An overdraft fee may be imposed for covering overdrafts made by various transactions—such as ATM withdrawals, everyday card transactions, checks, ACH automatic bill payments, recurring debit card payments, and any other transactions using your checking account number. These overdrafts will be covered automatically, and you will need to repay the fees within 30 days of the account going negative. If your account is overdrawn for longer than 45 days, it will be closed. However, please note that the decision to pay the overdrafts is at our discretion, and we may choose not to pay if your account is not in good standing, you are not making regular deposits, or if you have too many overdrafts.