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