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What You Need to Know about Overdrafts and Overdraft Fees

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 have Safety Net overdraft practices that come with your account.

2.
We also offer overdraft protection plans, such as a link to a savings account or line-of-credit, which may be less expensive than our Safety Net overdraft practices. To learn more, ask us about these plans.
This notice explains our Safety Net overdraft practices.

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

Effective July 1, 2010 for new members and August 15, 2010 for current members, 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 fee of up to $35 each time we pay an overdraft.
  • There is NO LIMIT on the total fees we can charge you for overdrawing your account.
What if I wantJersey Shore Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you have several options:
  • Complete this online form
  • Call (609) 646-3339 or toll-free at (888) 322-2848 and select option 3
  • Print, complete the online form, and return it in person to one of our offices or by mail to:
Jersey Shore Federal Credit Union
Attention: Overdraft Protection Department
1434 New Road
Northfield, NJ 08225

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

I WANT Jersey Shore Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card
transactions.

I DO NOT WANT Jersey Shore Federal Credit Union to authorize and pay overdrafts on my ATM and everyday
debit card transactions









 

If you do not make a selection, we must assume that you DO NOT want Safety Net Overdraft Protection to cover your ATM and everyday debit card transactions.