Overdraft Protection Service
What is the “No Worries” Overdraft Protection Service and how does it work?
In the event you would have insufficient funds in your account to cover an ATM transaction or everyday debit card transaction, PCMCU will cover the overdraft when you opt-in to Overdraft Protection.
Here’s a little background on how PCMCU administers its overdraft program. An overdraft occurs when you do not have enough money in your account to cover a transaction, but the credit union pays it anyway. The transaction can either be a check, electronic draft, a debit card purchase, or even an ATM withdrawal.
Here is what you need to know about overdrafts and overdraft fees:
We WILL authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We WILL NOT authorize and pay overdrafts for the following types of transactions unless you opt-in to “No Worries” overdraft protection on these types of transactions:
- ATM transaction
- Everyday debit card transactions
What fees will I be charged if PCM Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you an unbelievably low overdraft fee of only $8 if your account is overdrawn.
- However, if funds are available in a savings or line of credit account, a minimal $3 overdraft transfer fee will be charged.
What if I want PCMCU to authorize and pay overdraft on my ATM and everyday debit card transaction?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, simply “Say Yes, to No Worries” and either call (920) 499-2831, opt in using our overdraft protection option form, or email PCMCU at [email protected] to respond.
So, Why would you want to Say Yes, to No Worries?
- You’re running low on gas and don’t have any cash in your wallet. Pay at the pump with your debit card and you’ll be back on the road.
- You’re at the grocery store and ready to pay the bill, however the total is more than you have on hand. Don’t worry, simply swipe your debit card and get packing.
- You forgot your child needed money for camp. It’s ok, just stop at the ATM for cash on the way and you’ll both be happy campers.
Although you’ll incur the normal overdraft fee, you’ll have gas in your car, food on the table, and be the hero in your child’s eye.
Federal government regulations require PCMCU to obtain your consent before providing overdraft protection on your ATM and everyday debit card transactions.