Overdraft Protection Disclosure

An overdraft occurs on your account when you do not have enough available funds in your checking account to cover a transaction. Your account features an automatic overdraft protection plan whereby funds from applicable savings accounts will be transferred to your checking account to cover any overdraft. If funds are transferred from any of your savings accounts to cover an overdraft, the necessary funds will automatically be transferred from your share savings account up to the available balance free of charge.  This service allows Beach Municipal FCU to honor and pay checks, automatic bill payments, ACH transactions and other transactions made using your account number preventing the items from being returned unpaid. However, by federal regulation, electronic transfers including overdraft coverage from savings accounts are limited to six per month.

In the event you do not have enough available funds in your checking account to cover a transaction, an additional contractual overdraft service may be extended to you, an overdraft line of credit. The overdraft line of credit is an approved credit limit available to pay an item when you do not have enough funds. This service allows Beach Municipal FCU to honor and pay checks, automatic bill payments, ACH transactions and other transactions made using your account number preventing the items from being returned unpaid. You owe nothing until funds are advanced to cover an item presented for payment. The necessary funds will be automatically advanced from the line of credit up to the available credit limit. Once funds are advanced, you will owe the amount advanced plus any interest that has accrued. Interest on the line of credit begins to accrue from the date of advance. A minimum monthly payment is due within 45 days of the funds being advanced. Monthly payments have a low interest rate that require 5% of the principal balance or $25 whichever is higher. Note: funds will not be advanced to cover an item if the loan is past due or the credit limit is at capacity.