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What you need to know about overdrafts and overdraft fees

SoundView Financial Credit Union does not pay your overdrafts for ATM and everyday debit card transactions unless you tell us you want overdraft coverage for these transactions. Even if you do not request overdraft coverage for ATM and everyday debit card purchases, we may still pay your overdrafts for checks, automatic bill payments, and other transactions made by using your account number.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. We offer standard overdraft practices that come with your account
  2. We also offer overdraft protection plans such as a link to a savings account, which may be less expensive that our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices

What are the standard overdraft practices that come with my account?
We authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if SoundView FCU pays my overdraft?
Under our standard overdraft practices:

  • We will charge you a fee of $35.00 each time we pay an overdraft with a payment over $25.00
  • There is no limit on the total fees we can charge you for overdrawing your account

What if I want SoundView FCU to continue to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to continue to authorize and pay overdrafts on ATM and everyday debit card transactions, call 1-800-722-2936 or complete the form below and present or mail it to:

SoundView Financial Credit Union
14 Research Dr
Bethel, CT 06801

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  • You have the right to revoke your decisions at any time.

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