Overdraft Coverage

What are my 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 Nassau Financial Federal Credit Union1

$5 fee per transfer
Overdraft Protection Line of Credit1,2 Subject to interest
Overdraft Privilege $30 Overdraft Fee per item
1Contact us at 516.742.4900, email us at MemberServices@NassauFinancial.org, or come by a branch to sign up or apply for these services. 2Subject to credit approval.

What is Overdraft Protection? 

Overdraft Protection services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account, or line of credit you may have at Nassau Financial Federal Credit Union, for a fee or finance charge. Please note that cash advances and overdraft lines of credit are subject to credit approval.

What is Overdraft Privilege? 

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Nassau Financial Federal Credit Union may provide you a specific Overdraft Privilege limit depending on the type of account you have. You will receive a letter approximately 35 days after account opening, for consumer checking accounts, or after 60 days, for business checking accounts, informing you that Overdraft Privilege has been activated on your account.

You do not have Overdraft Privilege until you receive this notification. Even if you have Overdraft Protection, such as a transfer from another account, Overdraft Privilege is still available as secondary coverage if the other protection sources are exhausted.

Please be aware that the Overdraft Privilege amount is not included in your available balance displayed through internet banking, mobile banking, telephone banking or Nassau Financial Federal Credit Union ATMs.

How much does Overdraft Privilege Cost? 

When Overdraft Privilege is used, the Overdraft Fee of $30 will be imposed for overdrafts created by checks, ACH, point of sale, ATM withdrawals, in-person withdrawals, or by other electronic means. If multiple items overdraw your account on the same day, each item will be assessed the appropriate fee. This is the same fee that Nassau Financial
Federal Credit Union charges for items returned to the payee due to insufficient funds.

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 Over Draft Privilege? 

You can request to discontinue the Overdraft Privilege service in its entirety at any time by contacting us at 516.742.4900 or sending us an email at MemberServices@NassauFinancial.org. 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 $30 for all returned items.

What if I want Nassau Financial to pay my Debit Card Overdrafts (Extended Coverage)?

If you want us to authorize and pay overdrafts caused by everyday debit card transactions (Extended Coverage), tell us by using one of the methods below.

  • Call us at 516.742.4900
  • 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 865 Merrick Avenue, Suite 250N Westbury, NY 11590
  • e-mail the Consent Form to MemberServices@NassauFinancial.org
NOTE: Business accounts automatically have access to Overdraft Privilege for everyday debit card transactions (Extended Coverage).

What types of transactions does Overdraft Privilege cover?

The types of transactions covered by Overdraft Privilege depend on the coverage selected.

If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with everyday and debit card transactions. Nassau Financial Federal Credit Union will not authorize overdrafts for everyday debit card transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing Extended Coverage. Business accounts automatically have Overdraft Privilege Extended Coverage.

 

 

Standard Coverage

(No action required)

Extended Coverage

(Your consent required*)

Checks
ACH - Automatic Debits
Recurring Debit Card Payments
Online Bill Pay Items
Internet Banking Transfers
Telephone Banking
Everyday Debit Card Transactions   *

 

Overdraft Consent Form More Information and fees

Please e-mail the Overdraft Consent Form to MemberServices@NassauFinancial.org