Overdraft Privilege Extended Coverage Consent Form

Overdraft Coverage Disclosure

Effective February 2, 2015


Overdraft Coverage Options




Overdraft Protection Link to Another Deposit Account you have at CapEd

No Charge

Overdraft Protection Line of Credit*

Subject to fees and interest

Overdraft Privilege

$23.00 Overdraft Fee per item.

*Subject to credit approval


Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at CapEd Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.


Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.


Transactions Covered

with Overdraft Privilege

Standard Coverage
(No action required)

Extended Coverage

(Your consent required)**


If you would like to select Extended Coverage for future transactions:

·  Call us at (208) 884-0150 or (800) 223-7283,

·  Complete the online consent form found at CapEd.com,

·  Visit any branch, or

·  Email us at overdraft@caped.com




ACH – Automatic Withdrawals



Recurring Debit Card Payments



Online Bill Pay Items



Internet Banking Transfers



Telephone Banking



Teller Window Transactions



ATM Withdrawals**



Everyday Debit Card Transactions**



** If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.


You can discontinue the Overdraft Privilege in its entirety by contacting us at (208) 884-0150 or (800) 223-7283 or sending us an e-mail at overdraft@CapEd.com.

What Else You Should Know

·  A link to another account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts.

·  Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted.

·  Good account management is the best way to avoid overdrafts.  Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance.

·  The $23.00 Overdraft Fee is lower than the fee that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an appropriate Overdraft Fee or an NSF Fee of $25.00. 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 a fee or a pre-authorized transaction.

·  We post credits and debits in the order that they are received. The order in which transactions are posted may impact the total amount of Overdraft Fees or NSF Fees assessed.

·  Although under payment system rules, CapEd Credit Union may be obligated to pay some unauthorized debit card transactions, CapEd Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).

·  Giving us your consent to pay everyday debit card and ATM overdrafts may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card. 

·  Except as described in this letter, CapEd Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).

·  We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege limit.

·  CapEd Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules.  In some cases, the hold may exceed the amount of the transaction.

·  Overdraft Privilege limits of up to $750.00 are available for eligible Personal Checking accounts opened at least 30 days in good standing and up to $1000.00 for eligible Business Checking accounts opened at least 30 days in good standing.

·  Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.

·  Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day.

·  Member and each Joint Signer will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Account Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.  CapEd Credit Union may withdraw funds from other accounts on which you are a signer to offset overdrawn balances. Visa credit cards and lines of credit may also be terminated when your checking account is closed due to an unpaid overdrawn balance. 

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