An overdraft occurs when you do not have enough money in your checking account at Ocean Financial to cover a transaction, but we pay it anyway. We can cover your overdrafts in three ways:
- We have Standard Overdraft Practices that come with your account, as explained below.
- We offer Courtesy Pay overdraft coverage if you want us to pay overdrafts arising from your ATM withdrawals and everyday debit card purchases.
- We also offer Overdraft Protection, a service that allows you to link any or all of your member share/savings account(s), overdraft lines of credit and/or overdraft savings to cover overdrafts, which may be less expensive than our Standard Overdraft Practices.
To learn more, ask us how to enroll in our Overdraft Protection Programs.
STANDARD OVERDRAFT PRACTICES: What are the Standard Overdraft Practices that come with your Ocean Financial checking account?
As a general rule, we do not authorize and pay overdrafts for any type of transaction; however, we may authorize and pay overdrafts for the following types of transactions:
• Checks and other transactions made using your checking account number.
• Automatic bill payments.
We do not authorize and pay overdrafts for the following types of transactions, unless you enroll in Courtesy Pay and ask us to make such payment in writing (Please request our Courtesy Pay enrollment Form):
• ATM Transactions
• Everyday debit card transactions.
We pay overdrafts at our discretion. This means that we do not guarantee that we will authorize and pay an overdraft for any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
FEES: What fees will I be charged with if Ocean Financial pays my overdraft?
Under our Standard Overdraft Practices, if you choose one of the choices below:
• For Line of Credits (LOC), you will not be charged a transfer fee however the amount advanced will be subject to your effective interest rate.
• For Savings, transfers are subject to a $4 transfer fee per overdraft.
• For VISA Credit Card, you will not be charged a transfer fee however the amount advanced will be subject to your effective cash advance interest rate.
• We will generally limit overdrafts in your checking account to a negative balance of $300.*
COURTESY PAY: What if I want Ocean Financial to authorize and pay overdrafts on my ATM withdrawals and everyday debit card transactions?
If you want to enroll in Courtesy Pay and authorize Ocean Financial to pay overdrafts on ATM and everyday debit card transactions, complete the Courtesy Pay Opt In Opt Out Form and present it at any branch office or mail it to: Ocean Financial Federal Credit Union, 45 Atlantic Avenue, Oceanside, NY, 11572. Att: Branch Operations.
FEES: What fees will I be charged with if Ocean Financial pays my overdraft?
Under our Standard Overdraft Practices, including if you choose to enroll in Courtesy Pay:
• We will charge you an overdraft fee of up to $28 each time we pay an overdraft.
• We will generally limit overdrafts in your checking account to a negative balance of $300.*
OVERDRAFT LINE OF CREDIT
An overdraft Line of Credit is an inexpensive financial safeguard that covers transactions that exceed the balance in your checking account without the insufficient fund fees or embarrassment. Click here to learn more about an Overdraft Line of Credit.
*Ocean Financial's Courtesy Pay Plan is a discretionary non-contractual courtesy and is subject to change. It is not an obligation of the credit union and the credit union may refuse to provide the courtesy on any checking account at any time. The account holder does not have a contractual right to Courtesy Pay and courtesy pay is not guaranteed by the Courtesy Pay plan. Member accounts must be in good standing at time of opt-in. Excessive use of the service may result in payment denial by the credit union. Courtesy Pay overdraft must be brought current within 30 days.