Overdraft Coverage

Overdraft Protection and Overdraft Privilege Options

Life happens! Ascent Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service	Cost
Overdraft Protection (Link to Another Deposit Account you have at Ascent Credit Union)¹	$5 fee per transfer
Overdraft Protection Line of Credit ^1,2	Subject to interest
Overdraft Privilege	$27 Overdraft Fee per item presented*

¹Call us at 801-399-9728, email us at odp@ascentcu.com, or come by a branch to sign up or apply for these services. Money Market accounts are not eligible to be linked.
²Subject to credit approval.

*Per item presented means each time an item is presented, including re-presentment

Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Ascent Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review “What Else You Should Know” for other important information.

Transactions Covered with Overdraft Privilege	Standard Coverage (No action required)	Extended Coverage (Your consent required on consumer accounts)*
Checks	x	x
ACH - Automatic Debits	x	x
Recurring Debit Card Payments	x	x
Online Bill Pay Items	x	x
Internet Banking Transfers	x	x
Telephone Banking Transfers	x	x
Teller Window Transactions	x	x
ATM Transactions		x*
Everyday Debit Card Transactions		x*

If you would like to select Extended Coverage for future transactions, call us at 801-399-9728, visit any branch, complete a consent form by clicking the link below and mail it to us at 4140 Harrison Blvd. Ogden, UT 84403, or email us at odp@ascentcu.com.

Extended Coverage Consent Form

*If you choose Extended Coverage on your consumer account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Overdraft Privilege Extended Coverage, it is not necessary to request it again. Business accounted automatically have Extended Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at 801-399-9728 or sending us an email at odp@ascentcu.com.

WHAT IS OVERDRAFT PROTECTION?

Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account, or line of credit you have at Ascent Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval. Call us at 801-399-9728 or come by a branch to sign up or apply for these services.

WHAT IS OVERDRAFT PRIVILEGE?

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.

Ascent Credit Union may provide you a specific Overdraft Privilege limit depending on the type of account you have. New checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $750 after 30 days in good standing.

If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Ascent Credit Union (“We”) will charge a Return Item Fee each time it returns the item because it exceeds the Available Balance in your account. Because we may charge a Return Item Fee each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and re-presentment of the item. When we charge a Return Item Fee, the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on re-presentment of the item, the Available Balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee. We may use the terms “item” and “transaction” interchangeably.

Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the fee from funds that you deposit or that are deposited into your account may call us at 801-399-9728 to discontinue Overdraft Privilege.

HOW MUCH DOES OVERDRAFT PRIVILEGE COST?

A link to another account or line of credit may be less expensive than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. The $27 Overdraft Fee that is charged if you overdraw your account is the same fee that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item Fee of $27. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.

There is no limit to the number of Overdraft Fee that we will charge your consumer account per day.

All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account Agreement and Disclosure.

WHAT IF I DON’T WANT OVERDRAFT PRIVILEGE?

You can request to discontinue Overdraft Privilege service in its entirety at any time by contacting us at 801-399-9728 or sending us an email at odp@ascentcu.com. Without Overdraft Privilege, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Overdraft Protection available to cover the item(s). You will be charged the standard Return Item Fee of $27 for all returned items.

WHAT IF I WANT ASCENT CREDIT UNION TO PAY MY ATM AND EVERYDAY DEBIT CARD OVERDRAFTS (EXTENDED COVERAGE)?

If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Extended Coverage), tell us by using one of the methods below. NOTE: Business accounts automatically have access to Overdraft Privilege for ATM and everyday debit card transactions (Extended Coverage).

Call us at 801-399-9728
Visit our website at ascentcu.com
Visit one of our convenient branch locations
Complete the Consent Form, which is available at any branch and was previously provided to you, and mail it to us at 4140 Harrison Blvd., Ogden, UT 84403
Send us an email at odp@ascentcu.com

What Else You Should Know

This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ACH transactions and checks are posted in the order received. Debit card PIN transactions are posted in real time and signature transactions are batch posted at various times throughout the day; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.

Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice. Ascent Credit Union, Ogden, UT JMFA Overdraft Privilege® Study Exhibits ©2004-2022 John M. Floyd and Associates, Inc 11 v 11.18.2022

We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not authorize debit card or ATM transactions unless your account’s Available Balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).

Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.

Understanding Your Available Balance: Your account has two kinds of balances: Ledger Balance and Available Balance.

We authorize and pay transactions using the Available Balance.
Your Ledger Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Ledger Balance, less any holds due to pending debit card transactions and holds on deposited funds.
The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Overdraft Privilege limit and any available Overdraft Protection.
The balance used for authorizing ATM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Protection but does NOT include the Overdraft Privilege limit.
The balance used for authorizing ATM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Protection and includes the Overdraft Privilege limit.
Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft. Note that we may place a hold on deposited funds in accordance with our Membership and Account Agreement, which will reduce the amount in your Available Balance.
Please be aware that the Overdraft Privilege amount is not included in your Available Balance displayed through internet banking, mobile banking, telephone banking, or Ascent Credit Union ATMs.
We will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the Available Balance in your account. If your account is overdrawn after the held funds are added to the Available Balance and the transaction is posted to the Available Balance, an Overdraft Fee may be assessed.
Except as described in this brochure, we will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).

OVERDRAFT PROTECTION AND OVERDRAFT PRIVILEGE SUMMARY

Understanding Overdraft Privilege Limits

New checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $750 after 30 days in good standing.
Overdraft Privilege may be reduced if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.
Overdraft Privilege Standard Coverage covers checks, ACH transactions (automatic debits), online bill pay items, teller window transactions, telephone and internet banking transactions, and recurring debit card transactions (automatic/pre-authorized debits that you establish, such as insurance premiums, utility bills, etc.).
Overdraft Privilege Extended Coverage covers ATM transactions and everyday debit card transactions on your personal accounts with your prior consent, in addition to those transactions covered by Overdraft Privilege Standard Coverage. Business accounts automatically have Overdraft Privilege Extended Coverage.
Both Overdraft Protection and Overdraft Privilege may enable you to avoid expensive merchant returned-check charges.
Both Overdraft Protection and Overdraft Privilege may enable you to avoid having your ATM or debit card transactions declined due to insufficient funds.
You must deposit the full amount of the overdraft within 32 consecutive calendar days, including any fees assessed, and maintain a positive balance for at least one business day to continue to receive the full Overdraft Privilege limit.
Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, or telephone banking services to help keep track of your balance.
For additional financial education resources, please visit www.mymoney.gov, or our website at ascentcu.com.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at 801-399-9728 or visit a branch.