What is an Overdraft?
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:
- We have a Safety Net overdraft service which allows your account to go negative that you may be eligible for after 90 days with your checking account. Safety Net is available as long as you maintain your account in good standing. You will receive detailed information when your account becomes eligible.
- We also offer overdraft protection plan. This links your checking or savings to your line-of-credit, Money Market, or another one of your accounts which may be less expensive than our Safety Net overdraft service. Please refer to our Membership And Account Agreement that you received when you opened your account. It explains payment of overdrafts, how transactions are posted to your account, and how to understand your account balances.
Frequently Asked Safety Net Questions
What are the Safety Net overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
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 Jersey Shore Federal Credit Union pays my overdraft?
Under our Safety Net overdraft practices:
- We will charge you a $10 fee if your transaction is $5.01 to $20.00 and a $35 fee if your transaction is $20.01 and over.
What if I want Jersey Shore Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, just opt-in for Safety Net Overdraft Protection on your ATM and everyday debit card transactions.
If no action is taken, we must assume that you do not want safety net overdraft protection to cover your ATM and everyday debit card transactions.
Can I opt out of Safety Net?
You may opt out of Safety Net by:
- Visiting a branch and informing us you would like to opt out of Safety Net
- Calling 609-646-3339 or toll-free at 888-322-2848 and select option 3
- Mailing a revocation letter with your name, account number, and signature to:
Jersey Shore Federal Credit Union
Attention: Overdraft Protection Department
1434 New Road
Northfield, NJ 08225
Sign up for an Overdraft Protection Plan
If you'd like to link your checking account to another account such as a savings account or an Overdraft Line of Credit as a back up source of funding, just let us know! You will have the opportunity to indicate which account you would like to use when you open your checking account.
You may also sign up for an Overdraft Protection Plan by visiting any branch location or by calling 609-646-3339 or 1-888-322-2848 toll-free. and select option 2.
Member Service Representatives are available to take your request by phone during business, evening and weekend hours. Check our Call Center Hours for availability.
