Overdraft Coverage Options
Accidents can happen to the best of us — that’s why we offer multiple overdraft coverage options available to our members.
Protect Your Credit
Protect Your Credit
Automatic payments make sure your credit doesn’t suffer from missed payment. Avoid denied purchases and payments while protecting your credit.
No Maintenance Fees
All coverage options have no maintenance fees. You only get charged when you use them.
3 Great Options
Set up one, two, or all three overdraft protection options for free! Take advantage of these great member benefits.
The Choice Is Yours
Overdraft Coverage Options
Overdraft protection 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 Rocky Mountain Law Enforcement Federal Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
Overdraft Privilege (formerly Courtesy Pay) allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section at the bottom of this page for other important information
|Transactions Covered with Overdraft Privilege||Standard Coverage (No Action Required)||Extended Coverage (Your Consent Required on Consumer Accounts3)|
|ACH – Automatic Debits|
|Recurring Debit Card Payments|
|Online Bill Pay Items|
|Internet Banking Transfers|
|Telephone Banking Transfers|
|Teller Window Transactions|
|Everyday Debit Card Transactions||3|
Talk to Us Today
If you would like to select Extended Coverage for future transactions you can visit any branch, call us at 303-458-6660, or complete the Extended Coverage Consent Form attached above and mail it to us at 700 W 39th Ave. Denver, CO 80216 or email it to us at firstname.lastname@example.org. You can discontinue the Overdraft Privilege in its entirety by calling us at 303-458-6660 or email@example.com.
RMLEFCU offers three free services to protect yourself against checking account overdrafts. In this video Angie explains the difference between the Overdraft Protection & Overdraft Privilege (formerly Courtesy Pay) services and how they can be used separately or in conjunction. Save money, time, embarrassment, and aggravation by setting up Overdraft Protection and Overdraft Privilege for free with RMLEFCU.
A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
The $28 Overdraft Fee that is charged is the same fee amount that is charged if a check or ACH item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item Fee of $28. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
For consumer accounts, there is no limit on the total Overdraft Fees per day we will charge.
This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day as they are presented to us. Posting order is paid low to high. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
Rocky Mountain Law Enforcement Federal Credit Union authorizes and pays transactions using the available balance in your account. Rocky Mountain Law Enforcement Federal Credit Union may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
Please be aware that the Overdraft Privilege amount is not included in your available balance provided through Rocky Mountain Law Enforcement Federal Credit Union’s online banking, mobile banking, or Rocky Mountain Law Enforcement Federal Credit Union’s ATMs.
Rocky Mountain Law Enforcement Federal Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within three days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
Except as described herein, Rocky Mountain Law Enforcement Federal Credit Union will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
Rocky Mountain Law Enforcement Federal Credit Union may also suspend your Overdraft Privilege limit if your account is overdrawn more than 32 consecutive calendar days. The Overdraft Privilege limit on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
An Overdraft Privilege limit of $1,000 will be granted to eligible consumer checking accounts opened at least 60 days in good standing. An Overdraft Privilege limit of $1,000 will be granted to eligible business checking accounts opened at least 60 days in good standing.
Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated.
Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
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