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Overdraft Services & Consent Form

PCM Credit Union’s Overdraft Services and Consent Form

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 PCM Credit Union pays it anyway. PCM Credit Union may cover overdrafts in two different ways, explained in more detail below. This notice explains our standard overdraft practices.

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

  1. Courtesy Pay: Allows PCM Credit Union to authorize and pay overdrafts on your account up to the disclosed limit for a fee in order to pay for a transaction. Courtesy Pay is available as secondary coverage if Overdraft Transfer Protection, described immediately below, is exhausted for the following types of transactions.
    • Automatic bill payments.
    • Checks, and other transactions made using your checking account number.

We WILL NOT authorize and pay overdrafts with Courtesy Pay for the following types of transactions unless you ask us to (see opt-in form below):

  • ATM Transactions
  • Everyday debit card transactions
  1. Overdraft Transfer Protection: We’ll see whether a transfer from another deposit account at PCM Credit Union would prevent the overdraft. If so, we’ll automatically transfer the money to allow your transaction to go through. This protection applies to all transaction types (including ATM and everyday debit card transactions) and may be less expensive than Courtesy Pay explained above.

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 PCM Credit Union pays my overdraft?
Under our standard overdraft practices:

  • We will charge you a $3.00 fee per transfer for Overdraft Transfer Protection.
  • We will charge you a $8.00 fee per transaction for Courtesy Pay.
  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want you 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, please complete the form below and submit to make your request. If this form is not completed and submitted to the credit union, we must assume that you DO NOT want Overdraft Protection to cover your ATM and everyday debit card transactions.

Overdraft Protection Option Form
*By providing your email address, you authorize us to send you a written confirmation of your opt-in electronically rather than by U.S. Mail. Options are not effective until we send you written confirmation. ** Your option can be changed at any time by providing us with a new option form.

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