Overdraft Options

couple going over finances
Overdraft Options

We understand you lead a busy life and may not always have time to check your account balance. That is why we offer a couple of options that automatically help you out. Consider these ways to cover overdrafts:

  Account Protect Transfers   $5.00 fee per transfer
  Overdraft Privilege   $30.00 overdraft fee per item
  Overdraft Privilege+   $30.00 overdraft fee per item

Account Protect Transfers

Account Protect Transfers applies 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 Service First for a fee.

Overdraft Privilege

Overdraft Privilege allows you to overdraw your account up to the disclosed limit in order to pay a transaction. Even if you have Account Protect Transfers, Overdraft Privilege is available as a secondary coverage.

Overdraft Privilege+

If you would like Overdraft Privilege+, you can opt in by calling us at 605-336-1047, visit any Service First branch, or members may log in and send a secure message requesting opt in through our Messages feature on Online Banking.

Transactions Covered with Overdraft Privilege Overdraft Privilege (Standard) Overdraft Privilege+
  Checks X X
  Automatic Bill Payments X X
  Recurring Debit Card Transactions X X
  ATM Transactions   X
  One-Time Debit Card Transactions   X
couple comparing finances

What you need to know about Overdrafts and Overdraft Fees
(Overdraft Privilege / Account Protect Transfers)

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Please refer to the Master Account Agreement and Disclosures for more details on determining whether or not there are sufficient funds in your account to pay items, the order in which items are posted, and other issues affecting overdrafts on your account.

We can cover your overdrafts in two different ways:

  • Standard overdraft practices that come with your account referred to as Overdraft Privilege.
  • Overdraft protection plans, such as a link to other deposit accounts and established lines of credit, which may be less expensive than our standard overdraft practices.  To learn more, ask us about these plans.

What are the standard overdraft (Overdraft Privilege) practices that come with my account?

We may authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments
  • Recurring debit card transactions

We do not authorize or pay overdrafts for the following types of transactions unless you ask us to by opting into Overdraft Privilege+ (see below):

  • ATM transactions
  • One-time 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 Service First FCU pays my overdraft?

Under our standard overdraft (Overdraft Privilege) practices:

  • We will charge a fee of up to $30.00 per item each time.
  • We do not charge daily overdraft fees.
  • We do not have a maximum amount of overdraft fees charged per day.

What if I want Service First FCU to authorize and pay overdrafts on my ATM and one-time debit card transactions?

If you also want us to authorize and pay overdrafts on your ATM and one-time debit card transactions you may opt in Overdraft Privilege+ by using any of the following convenient methods:  visit any Service First FCU location; call Electronic Services at (605) 336-1047; or log in and send a secure message requesting opt in through our Messages feature on online banking.

What are the eligibility requirements and program rules for Overdraft Privilege and Overdraft Privilege+?

Overdraft Privilege and Overdraft Privilege+ are only available on consumer accounts and limited to one per member.

The following requirements must be met before either Overdraft Privilege or Overdraft Privilege+ is activated on an account:

  • Account must be open for more than 60 days
    • If the checking account goes negative within the first 60 days after account opening, Overdraft Privilege or Overdraft Privilege+ will not be activated and will instead be revoked
  • Direct deposits totaling $1200 into the account during the first 60 days after checking account opening

Overdraft Privilege or Overdraft Privilege+ will be suspended in the following scenarios.

  • The checking account has been negative for 15 days or more
  • The checking account is on a membership with loans that are past due
  • The membership has an invalid address
  • The primary owner is less than 18 years of age

The core system reviews eligibility daily and automatically activates and suspends accounts based on the criteria listed above for the accounts that have selected either Overdraft Privilege and Overdraft Privilege+. These services can be revoked by the Credit Union at any time without notice.

Fees are updated periodically. Please refer to the most recent Fee Schedule.