With our busy lives, it’s easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds. At Cy-Fair FCU, we have several options to help you minimize the impact of such a mistake.
Link your Checking Account to a Savings Account ---- If your accounts are linked and you do not have enough money in your checking account to cover a transaction, the credit union will transfer funds from your savings account to your checking account to cover the difference. This can save you money over other overdraft options because you are only charged a small transfer fee. Click here to see our Fee Schedule.
Line of Credit ---- If your checking account is linked to an Overdraft Line of Credit and you do not have enough money in your checking account to cover a transaction, the credit union will transfer funds from your Line of Credit to your Checking Account to cover the difference. This too can save you money over other overdraft options because you only pay interest on the outstanding balance of the line of credit until it is repaid. Click here to see our Line of Credit loan rate.
In addition to the options above, Cy-Fair FCU has a solution to help you with unexpected overdrafts using our Overdraft Privilege program.
Here’s how it works:
Accounts using Overdraft Privilege are charged the standard Overdraft fee of $29 for handling each overdraft created by check, ACH, Point-of-Sale*, ATM withdrawal*, in-person withdrawal, or other electronic item that is paid and $29 for items returned. This discretionary service is limited to a $750.00 overdraft (negative) balance on Advantage Checking Accounts only. Overdraft Privilege is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to your Overdraft Privilege limit. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege limit if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to Cy-Fair Federal Credit Union or if your account is subject to any legal or administrative order or levy. [12 CFR §1030.11(b)(1)(i-iv)]
STANDARD Overdraft Privilege
Your Cy-Fair FCU Advantage Checking account comes with complimentary Standard Overdraft Privilege which may save you money in excessive and abusive fees by merchants and other banks just in case you make a mistake balancing your account. Please note that the Standard Overdraft Privilege will not pay overdrafts for ATM or everyday debit card transactions. Based on federal regulation, to include ATM and debit card transactions you must opt-in to extended overdraft privilege.
EXTENDED Overdraft Privilege
To extend your overdraft coverage to ATM and everyday debit card transactions you must provide your consent (opt-in) in advance. Opting in to the extended overdraft privilege can help you avoid embarrassment and point of sale hassles. If you choose not to opt-in to extended overdraft privilege, your ATM or debit card may decline at the point of sale when a transaction exceeds your balance and your debit card could become suspended until you contact the credit union.
To opt-in to Extended Overdraft Privilege, please click the consent form button below, which also includes additional information about extending your Overdraft Privilege coverage.
For both, Standard and Extended Overdraft Privilege, coverage will officially begin 45 days after adding either option to your account.
To review the discretionary overdraft privilege disclosure, please click here.
What if I change my mind?
You can discontinue the Overdraft Privilege in its entirety by contacting us at (281) 890-7676, visiting one of our branches, or sending us an e-mail at firstname.lastname@example.org.
* Point-of-Sale debit card transactions and ATM withdrawals overdraft are only covered under the Extended Overdraft Privilege option, which requires your consent (opt-in) in order to be added to your account.
Money Management Tools
- Balancing your Checkbook (pdf, brochure style)
- Personal Budget Planner (pdf)
- Debt Reduction Strategies (pdf)
- 7 Steps to Better Money Management (pdf, brochure style)
- Effective Strategies for Saving (pdf)
- Money Management Resources (pdf)