Overdraft Options

Before you perform a transaction on your account always try to make sure that you have sufficient funds available so as to avoid overdraft fees or, even worse, the much dreaded declined transaction!


SPE Federal Credit Union understands that life happens and unexpected overdrafts may occur from time to time which is why overdraft coverage can help.

Overdraft protection services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account or line of credit you may have at SPE Federal Credit Union.


We offer:


(1) Overdraft Protection - We automatically offer Overdraft Protection linked to your primary savings account. If you would like to link another Deposit Account or Personal Line of Credit account you have at SPE Federal Credit Union for no fee please contact us. You may opt out of Overdraft Protection by contacting the credit union.


(2) Overdraft Privilege - To qualified members, we automatically offer Overdraft Privilege for a $39 fee per overdraft created by check, ACH, or in-person withdrawal. If you do not wish to have Overdraft Privilege, please contact the credit union for instructions on removing Overdraft Privilege. Any amounts advanced under our Overdraft Privilege program must be repaid by depositing an amount at least equal to the amount of discretionary Overdraft Privilege within 30 days to bring the account(s) to a positive balance.


(3) Overdraft Privilege Extended Coverage - SPE Federal Credit Union will NOT authorize overdrafts for everyday debit card and ATM transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing for Overdraft Privilege Extended Coverage. We want to make sure that our members understand that overdrafts that occur when using a Debit or ATM Card at a retail location, online, or at an ATM machine will be denied unless the member has submitted an Overdraft Privilege Extended Coverage opt-in form authorizing SPE to approve the transaction and charge an overdraft fee. Checks, ACH, and in-person withdrawals are also covered under Overdraft Privilege Extended Coverage for the same $39 per item fee. Any amounts advanced under our Overdraft Privilege Extended Coverage program must be repaid by depositing an amount at least equal to the amount of discretionary Overdraft Privilege Extended Coverage within 30 days to bring the account(s) to a positive balance.


(4) No Coverage - You can remove any of the above Overdraft options at any time. Just tell us to remove your coverage options. This means that if your checks or ACH items exceed the available balance in your account, they will be returned to the payee and you will be charged a Returned Item Fee of $39 in addition to whatever fees the merchant may charge you for items returned as insufficient. If you try to use your ATM or Debit Card and the amount of the transaction is more than your available balance, your transaction will be declined. For example, if you were trying to pay for groceries with your SPE Debit Card and the amount due totaled more than your available account balance, the purchase would be declined at the checkout counter. This also means that if you opt out of Overdraft Protection, when funds are depleted from your checking account, any available funds in your savings account will not be automatically transferred into your checking account to cover any charges.



We reserve the right not to pay overdrafts at our discretion if your account(s) and membership are not in good standing, if we suspect you will not be able to repay your account to a positive balance, if your negative balance(s) exceeds our predetermined limit or if you fail to maintain a positive balance in your account(s) for up to 30 consecutive days.

If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Overdraft Privilege Extended Coverage), you may contact us or you are able to opt in or opt out by logging into your online banking account. Once logged in please select My Accounts, then select Overdraft Services to opt in or opt out. You may change your selection at any time in the future by contacting us or changing your selection in online banking.


Overdraft Protection, Overdraft Privilege, and Overdraft Privilege Extended Coverage are optional services that you can opt in or opt out of at any time. Please contact the credit union for more information.