Salal Credit Union

Overdraft Protection Options

In a perfect world, no one would have to worry about overdraft protection. The reality is, sometimes things happen outside our control that make us quickly shift our priorities.

Overdraft protection can help you when circumstances prevent you from being on top of your finances. Simply stated, it’s a way to ensure necessary bills and expenses are still taken care of when your checking account balance falls below zero.

There are three different ways you can prevent overdrafts and keep your payments from being declined or returned.


Overdraft Transfer Protection

Assign a Salal account of your choice to back up your checking account and money will automatically be pulled to cover checks, ATM withdrawals, and other electronic transactions that may cause your checking account to go negative. You can choose another checking, savings1 or money market1, or you can choose your EZ Line of Credit, Visa, or Custom Fit Home Equity2.

Cost: A $5 transfer fee, except for when using your Visa; maximum of one fee per day. For Visa cards, you’ll pay a Cash Advance fee of $10 or 3% of the transferred amount, whichever is greater.

SET IT UP: Call 800.562.5515 or visit a branch.

Courtesy Pay Basic

If eligible, you are automatically covered on checks and recurring ACH transactions. Recurring ACH transactions occur when you authorize a merchant to make a series of payments directly from your account to pay for gym memberships, utility bills, subscriptions to entertainment services, etc. Your account must be in good standing to qualify. Pathway Checking accounts are ineligible. You can opt out of this service at any time3.

Cost: $29 for each item covered, up to $116 per day.

OPT OUT: At time of account opening, visit a branch, call 800.562.5515, or complete this form.

Courtesy Pay Plus

In addition to the checks and recurring transactions that may be covered by Courtesy Pay Basic, ATM and one-time debit card transactions are also paid for with Courtesy Pay Plus. This can be useful in emergency situations when you need to access cash or pay for groceries or gas. This level of coverage requires you to opt in. Once opted in, you can opt out at any time3.

Cost: $29 for each item covered, up to $116 per day.

OPT IN OR OUT: At time of account opening, visit a branch, call 800.562.5515, or complete this form. You may opt in or opt out of this service at any time.

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If the Credit Union pays a check or other item for which your account does not have sufficient available funds, you agree to make a deposit as soon as possible to bring your account to a positive available balance including the amount of the item(s) and any overdraft transfer, NSF, overdraft, or Courtesy pay fees, all of which shall be due and payable on demand. If your account remains overdrawn, we will send you notices and will close your account if the required deposit is not made within 30 days of the overdraft occurrence.

Except as otherwise agreed in writing, the Credit Union, by covering one or any overdraft, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you.

Important note about Courtesy Pay Basic and Plus

To be eligible, you must be at least 18 years old and be a member in good standing, meeting the following requirements:

  • Not have a negative available balance in a Credit Union account for more than thirty (30) consecutive days.
  • Not be more than 30 days delinquent on any Credit Union loan.
  • Not have a modified loan with the Credit Union.
  • Not be subject to any legal or administrative order on a Credit Union account.

Because these are discretionary services, we reserve the right not to pay your overdrafts. For example, we typically do not pay overdrafts if your account is not in good standing or if you are not making regular deposits. Pathway Checking is not eligible for Courtesy Pay Basic or Courtesy Pay Plus.

What if you choose not to be covered by any of the three options above?
  • Your overdraft checks and ACH transactions will be returned and not paid.
  • You will be charged a $29 fee for each returned check and/or ACH transaction (up to a daily maximum of $116).
  • Your overdraft ATM and debit transactions will be declined with no additional fee.
  • Merchants may assess returned item fees.

Salal pays 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 denied. Courtesy Pay Basic and Courtesy Pay Plus are provided as a convenience to you and are not loans.

1 The Consumer Membership & Account Agreement and federal regulations may place limits on certain types of transfers from savings accounts which includes money market accounts. An Excessive Transaction fee of $25 willmay be assessed on each occurrence over six (6) during the month for any pre-authorized third party transfer. Refer to the Consumer Membership & Account Agreement for additional details.
2 Salal loans are subject to approval.
3 If you opt out of Courtesy Pay Basic or Courtesy Pay Plus, you may be assessed non-sufficient funds (NSF) fees by Salal Credit Union and you may be assessed return item fees from merchants when a transaction is returned or declined.