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-Overdrafts and Overdraft Fees

What You Need to Know about Overdrafts and Overdraft Fees

Regulation E Changes - Effective August 15, 2010

An overdraft occurs when you do not have enough money in your account to cover a transaction, but as a service to you we may pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that come with your account. This notice explains our standard overdraft practices.
  2. We also offer overdraft protection plans such as a link to a savings accounts and overdraft lines of credit which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
What are the credit union's standard overdraft practices that come with my account?

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

  • Checks and other transactions made by using your checking account
  • Automatic/recurring bill payments using your FastChek debit card
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
  • ATM transactions
  • Everyday FastChek debit card transactions
We may 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 $30.00 each time we pay an overdraft.
  • There is no limit on the total fees we can charge for overdrawing your account.
What if I want the credit union to authorize and pay overdrafts on my ATM and everyday FastChek debit card transactions?

If you want People's Alliance to authorize and pay overdrafts on ATM and everyday FastChek debit card transactions, please Opt-In Below:

Please enter your information below to Opt-In for Overdrafts and Overdraft Fees notifications

First Name:

Last Name:

E-mail Address:

Or please do one of the following: (1) call 631-434-3500, (2) visit www.pafcu.org to obtain an overdraft consent form, (3) email your consent to eresponse@pafcu.org, or (4) complete the form below and either present it at a branch, fax it to (631) 434-6652, or mail to:

People's Alliance Federal Credit Union
125 Wireless Blvd.
Hauppauge, NY 11788

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