Privilege Pay Agreement
1An overdraft occurs when you do not have enough money in your account to cover a transaction, but Scient Federal Credit Union pays it anyway. We can cover your overdrafts in two different ways:
We have standard overdraft practices that come with your account.
We also offer overdraft protection plans, such as an overdraft transfer from your savings account or an Executive Reserve Account, which may be less expensive than our standard overdraft practices.
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.
This notice explains our standard overdraft practices. For information about our overdraft protection plans, contact us.
What are the standard overdraft practices that come with my account?
We authorize and pay overdrafts for checks and ACH transactions made using your checking account number.
Unless you ask us to, we do not authorize and pay overdrafts for ATM and PIN-based Point-of-Sale (POS) transactions and one-time debit card transactions. To request this protection, opt in below. We understand that mistakes can happen and you will not be charged for this protection unless Scient Federal Credit Union pays the overdraft.
What fees will I be charged if Scient Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
We will charge you a fee of up to $38 each time we pay an overdraft.
We may charge a maximum of six (6) overdraft fees per business day.
Fee subject to change. Please see our fee schedule for more information.