OVERDRAFT PROTECTION is a safety mechanism created to protect our members from having returned checks or debits and from paying hefty fees. The amount needed to cover the total of the check or debit plus a $5.00 fee is automatically transferred from their savings account to their checking leaving the account with a zero balance instead of a negative balance.
IBEW’s Non-Sufficient Funds Fee is $35 per Returned Item. Some businesses charge an additional fee on top of the original amount of the purchase for returned checks.
Overdraft protection will ALWAYS cover non-sufficient fund checks or debits until funds are NO LONGER AVAILABLE for automatic transfer.