Overdraft Protection

Ontario Shores FCU offers several helpful ways to manage and avoid overdrawing your checking account. Our overdraft protection service will provide you peace of mind and help to:

  • Avoid bouncing checks
  • Avoid merchant late fees and returned item fees
  • Eliminate the embarrassment of returned checks
  • Eliminate the need to make alternate payment arrangements
  • Protect your credit rating

An overdraft occurs when you do not have enough available money in your account to cover a transaction, but we pay it anyway. Please refer to the Membership and Account Agreement (Agreement) for a more thorough explanation of factors that determine when an overdraft occurs and when you may incur a fee for overdrawing your account. The terms of the Agreement are incorporated herein, and both this document and the Agreement are meant to be interpreted together. 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 another account of yours, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

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

We do authorize and pay overdrafts for the following types of transactions:

  • Share drafts/checks, and other transactions made using your checking account
  • Automatic bill payments
  • ACH Debits

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • One-time debit card transactions

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 the Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of $29.00 each time we pay an ATM or debit card transaction overdraft.
  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want the Credit Union to authorize and pay overdrafts on my ATM and one-time debit card transactions?

If you want us to authorize and pay overdrafts on ATM and one-time debit card transactions, please complete the following enrollment form, and preset it at a branch or mail it to Ontario Shores Federal Credit Union, 2890 Transit Road, Newfane, NY 14108.

Financial Accounting