Overdraft Protection

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By setting up Overdraft Protection on your checking account your funds are there when you need them.

Everyone makes mistakes. Forgetting to record a transaction on your checking account can happen to anyone. The best way to avoid overdraft fees that may occur with this oversight is to link your checking accounts to your savings for that added protection.

If your account is overdrawn, the funds will automatically transfer from your eligible savings accounts to cover any overdrafts or bounced checks.1

1Transfer fee of $4.00 per transfer. Regulation D Applies
Note1: If your account is overdrawn and the funds are not available to cover it, there will be a $34 overdraft fee applied to the account.
Note 2: If the maximum number of transfers allowed under Regulation D is met for that month, Overdraft Protection will not transfer funds to cover the transaction.

Safe Pay

Safe Pay FAQ

Safe Pay is a program where Essential FCU may honor and pay your checks, other paper items, electronic ACH debits, Visa Debit Card transactions, ATM withdrawals and Bill Pay payments drawn against non-sufficient or unavailable/uncollected funds in your Checking Account so that these items are not returned unpaid or declined.

Recent action by Congress now requires consumers to tell their financial institutions whether or not you would like to include Safe Pay on your checking account. This would apply to all transactions that could potentially overdraw your checking account such as ATM withdrawals, in store and online purchases, and purchases made by phone.

Essential FCU's Safe Pay* works to your advantage should you unintentionally overdraw your account. This is meant as a safety measure if you accidentally write checks for more than your available balance, or if an inadvertent error causes your account to be overdrawn. It can save you the embarrassment and inconvenience of high merchant-returned check charges and possible a delinquent account reporting by the merchant, or having your debit card purchase denied at the register.

Overdraft Protection transfers from your Savings Account to cover non-sufficient funds items payable against your Checking Account (as stated in the Overdraft Protection section) and will occur before the Safe Pay program is extended.

A Safe Pay fee of $34.00 will be charged for each item paid. This fee is debited to your Checking Account. Members are required to repay Essential FCU for all account overdrafts resulting from any item paid under the Safe Pay program, or otherwise, in a timely manner. Essential FCU reserves the right to transfer available funds from your other Credit Union accounts to cover any account overdraft.

Payments made on behalf of members are at the discretion of Essential FCU. Safe Pay program requirements and procedures may be changed or withdrawn at any time without contact.

If you do not want us to pay items drawn against non-sufficient funds and overdraw your Checking Account under the Safe Pay program, you must visit one of our branches to complete and sign the form to refuse and/or un-enroll the Safe Pay option. Once this form is signed acknowledging you no longer wish to participate in the Safe Pay program, we will return all non-sufficient funds items unpaid.

Contact a Essential FCU representative at 888.369.2207 and ask about your enrollment eligibility, or to say yes to the Safe Pay Program.

*Essential FCU will allow a negative balance up to $500. Checks that would take the member's balance below negative $500.00 will be returned and charged the NSF fee. If a member also has Overdraft Protection, the designated “protection” accounts (such as a savings or money market) will be exhausted before the Safe Pay program takes effect. Members have the right revoke the consent of Safe Pay at any time. If the maximum number of transfers allowed by Regulation D has been met for the month and the funds in the savings account have not been depleted, Safe Pay will not occur