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Overdrafts and Overdraft Fees

What you need to know about overdrafts and overdraft fees

An overdraft occurs when you do not have enough money available in your account to cover a transaction, but we pay it anyway.

We can cover your overdrafts in three different ways:

  1. Draw Accounts: Savings, Visa credit card, or Personal Line of Credit accounts can be linked to your checking so that if your checking account can't cover the purchase, money can be pulled from another account. These options have a $3.00 fee charged once per day it is used. If you use your Visa credit card as a draw account, an additional cash advance fee based off the amount transferred applies ($3 or 1.5% of the amount advanced, whichever is greater). This automatic transfer occurs late in the evening, so it covers multiple transactions that process in a given day.
  2. Premium Overdraft: This is our standard overdraft practice that comes with your checking account, and is used for checks, ACH (electronic withdrawals), and recurring debit-based transactions. This is where we pay items for you when you do not have enough funds, and has a $28.00 fee per item. You can be covered up to $500.00 overdrawn, including fees, with our Northwest Checking, before payments will begin to reject. You can opt-out of this service by giving us a call or visiting a branch.
  3. Debit Assist: If you opt into this service, everyday debit transactions made with your debit card can be covered when you do not have enough funds to cover the charge. This has a $28.00 per fee authorized item that overdraws your account, and will still process while other transactions are pending on your account. Debit Assist does not cover checks, ACH, or automatic debits (like a Netflix subscription).

To learn more about these plans, call (800) 452-9515.

What are the standard overdraft practices that come with my account?

We authorize and pay the following types of transactions:

  • Overdrafts for checks and other transactions made using your checking account number
  • Overdrafts for automatic bill payments
  • Recurring debit transactions (like monthly subscription services)

We do not authorize or pay overdrafts for the following types of transactions:

  • ATM withdrawals or transfers
  • Everyday debit card swipe transactions
  • Everyday debit card PIN 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 a transaction your check or transaction will be rejected and a non sufficient funds fee applied.

What fees will I be charged if NWCU pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a daily fee of $3.00 to pull in money from your attached savings account, Visa, or line of credit. Visa draws have an additional fee of $3 or 1.5% of the amount advanced, whichever is greater.
  • We will charge you a fee of $28.00 each time we pay an overdraft.
  • There is no limit on the total fees we may charge you for overdrawing your account.
  • Overdraft fees are charged at the time of authorization, and will still process even if a deposit is made after the transaction has cleared.

What is the Debit Assist option available with my account?

By electing to enroll in Debit Assist, your everyday debit and ATM transactions may be approved, allowing you to avoid having your card declined at an inconvenient time.

A fee applies for each time you use Debit Assist. After you either enroll or opt out (below), we recommend you print out a copy of your Debit Assist selection.

Under our Debit Assist program:

  • We will charge you a fee of $28 each time we pay an overdraft.
  • There is no limit on the total fees we may charge you for overdrawing your account.

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 a debit card transaction, your purchase will be declined. For example: If your account is already overdrawn and the requested transaction will put you over your maximum overdraft limit, it will be declined.

Revocation of Debit Assist

You may revoke this Debit Assist election at any time by calling (800) 452-9515 or by visiting any branch and notifying us that you want to opt out of the Debit Assist program.

Please note that your overdraft balance, including applicable overdraft fees, is due and payable upon demand. If there is more than one owner on an account, all owners are jointly and severally liable for payment of the overdraft balance. If you fail to pay your overdraft balance within 10 days we may immediately suspend the Overdraft Protection. Accounts may be closed for failure to pay overdraft balances and we will report account closures to consumer reporting agencies.

Opt in or out of Debit Assist

Click here to opt in or out of the Debit Assist program. After you either enroll or opt out, we recommend you print out a copy of your Debit Assist selection for your records.