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:
standard overdraft practices
that come with your account.
We also offer
overdraft protection plans
, such as a link to another account or a line of credit, which may be less expensive 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?
We do authorize and attempt to pay overdrafts for the following types of transactions:
Checks and other transactions made using your checking account number (such as ACH payments)
Automatic bill payments
Recurring debit card transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below).
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 South Bay Credit Union pays my overdraft?
Under our standard overdraft practices:
We will charge you a fee of up to $28 each time we pay an overdraft
A Courtesy Payment service charge will not be charged for any transaction that brings the available balance in your account negative by $5 or less.
What if I want South Bay Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM, please do one of the following:
1. Electronically complete the form below.
2. Print out the form below, complete and mail it to us at:
South Bay Credit Union
Attn: Member Services
312 N. Pacific Coast Highway
Redondo Beach, CA 90277
3. Print out the form below, complete, scan and email it to us at: SBCU@southbaycu.com
4. Call us to speak to a representative at 310-374-3436.
You can revoke your authorization for South Bay Credit Union to pay these overdrafts at any time by any of the above methods. South Bay Credit Union has the right to revoke your overdraft protection at any time.