Extended Coverage Consent Form
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection which is a link to another account, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card 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 and pay an overdraft, your transaction will be declined.
What fees will I be charged if Midcoast FCU pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $28.00 each time we pay an overdraft.
- There is no limit on daily fees we can charge you for overdrawing your account.
What if I want Midcoast FCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you would like us to extend your coverage to authorize and pay overdrafts on ATM and everyday debit card transactions, please complete the form below and securely submit it to us electronically. If you prefer, you may present the form at any branch location, mail it to the address below, or:
- Call us at: 877-964-3262
- Contact us at: Info at midcoastfcu dot me
Midcoast Federal Credit Union
186 Lower Main Street
Freeport, ME 04032