What’s an Overdraft?
An overdraft occurs with the credit union processes a transaction even though there are not enough funds in your account to pay for it. The transaction is covered by the D.C. Teachers’ FCU Member Privilege Program. You have the opportunity to tell the credit union which overdraft protection plan you want to apply to your account in these cases.
Tailor Your Protection Plan
You have three overdraft protection tools to customize for your Overdraft Protection Plan:
This is the default protection that comes with your Checking Account. The credit union authorizes and pays overdrafts for checks, transactions and automatic bill payments. There is a $33 fee per overdraft paid and there is no limit to the number of overdrafts that can be paid. The credit union will NOT pay ATM transactions or debit card transactions under this plan without your prior authorization to do so.
Opt-in/Opt-out for ATM/Debit Overdraft Protection or you may Opt-Out entirely for Standard Overdraft Protection.
Define a Backup Account
You may designate another D.C. Teachers’ FCU account as your Overdraft Account. Funds will be transferred from this account into your Checking Account to cover any overdrafts. Note, see our fee schedule for limits on share withdraws.
Designate an Overdraft Account when you open your checking account, or call (202) 547-4800, Ext. 594 to update your preferences on an existing account.
Open an Overdraft Line of Credit
If you aren’t confident you will always have sufficient funds in your backup account, you can also establish an Overdraft Line of Credit. It costs nothing to open and you only pay interest on the amount borrowed for the overdraft, which often times will be less than our standard overdraft fee.