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Overdraft Protection Plan and Overdraft Protection Savings Account Disclosure
ADDENDUM TO YOUR TRUTH IN SAVINGS DISCLOSURE AND ELECTRONIC FUND TRANSFER DISCLOSURE AND AGREEMENT
OVERDRAFT PROTECTION PLAN
Coast360 recognizes that sometimes you may overdraw your checking account. For your convenience, Coast360 provides members with an Overdraft Protection Plan. This disclosure describes Coast360’s Overdraft Protection Plan. Under the plan, your overdrafts will be covered by an automatic transfer from a corresponding Overdraft Protection Savings Account (ODP Savings Account) provided there are sufficient funds from your ODP
Savings Account. Coast360 provides the Overdraft Protection Plan as an accommodation to you but is not obligated to do so, even if we have done so in the past.
The Credit Union may honor your checking account overdrafts provided you meet the following criteria:
• Your checking must be a personal checking account.
• Your checking account is not the subject of any administrative or legal orders or levies, Bankruptcy or Tax Liens.
• Coast360’s Overdraft Protection Plan does not apply to Jr. Varsity Checking Accounts
For each overdraft paid, your checking account will be automatically charged an overdraft fee. If we pay multiple overdrafts, your checking account will be automatically charged multiple overdraft fees. The credit union will determine in which order multiple overdrafts will be paid. We highly encourage you to maintain sufficient balance in your checking account to avoid paying overdraft protection fees.
The Credit Union may send you a notice each time we pay a check under the Overdraft Protection Plan. However, you understand that we are not obligated to notify you before we pay or return an item. Coast360’s Overdraft Protection Plan is a member convenience and the credit union is not obligated to pay overdrafts even if we have done so in the past and even if there is sufficient balance in your ODP Savings Account to cover the overdrafts.
To enroll for Coast360’s Overdraft Protection Plan, you are required to open an ODP Savings Account. You authorize the credit union to automatically transfer funds from your ODP Savings Account to cover the overdrafts and pay the related fees.
If your loans are in default or you have caused the credit union a lost or for any other reason, your enrollment in the Overdraft Protection Plan may temporarily be suspended or terminated entirely at our sole discretion. If your Overdraft Protection Plan is suspended or terminated, you are still obligated to pay any amount you owe.
Overdraft Protection Savings Account (ODP Savings Account)
An ODP Savings Account is required for Coast360’s Overdraft Protection Plan. In order to open an ODP Savings Account you must first be enrolled in Coast360’s Overdraft Protection Plan. Coast360 will automatically transfer sufficient funds to pay checking account overdrafts plus the overdraft fees provided there are sufficient funds in your ODP Savings Account to cover these amounts.
The following are features of ODP Savings Accounts:
• ODP Savings Accounts are restricted to ODP related transactions only and may only be opened with a corresponding checking account in conjunction with Coast360’s Overdraft Protection Plan.
• ODP Savings Account deposits are allowed over the counter, by funds transfer from another Coast360 account, by CU Online/Home Banking, by CU by Phone services, electronic payroll deposits and/or any other approved/authorized means of deposit we currently offer.
• ODP Savings Account funds may be transferred to another Coast360 account but may not be withdrawn over the counter, by ATM or by any other means of withdrawal.
• ODP Savings Accounts cannot be used for debits or payments of any kind except to pay checking account overdrafts per Coast360’s Overdraft Protection Plan.
• ATM, Debit or any other plastic cards are not permitted.
• No minimum balance required to open or maintain.
• ODP Savings Account earn dividends, please refer to our most recent Rate and Fee Schedule.
For more information regarding our Overdraft Protection Plan or ODP Savings, please contact our Call Center at 477-8736.
*Effective date: May 01, 2010
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government agency. The insurance limit was permanently increased to $250,000 per individual depositor on September 17, 2010.