Southern Mass Credit Union

CONSENT FORM FOR OVERDRAFT SERVICES

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 plans, such as a link to another account or line of credit, which may be less expensive than our standard 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 pay overdrafts for the following types of transactions:

    • Checks, in-person withdrawals, ACH transactions, pre-authorized automatic transfers
    • Automatic bill payments, internet banking transfers, telephone banking transactions
    • Recurring debit card transactions

We do 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 Southern Mass Credit Union pays my overdraft?

Under our standard overdraft practices:

    • We will charge you a fee up to $27.00 each time we pay an overdraft.
    • There is a limit of six (6) per item overdraft fees we will charge you for overdrawing your account on any business day.

What if I want Southern Mass 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 and everyday debit card transactions complete the form below.

I consent to authorize and pay overdrafts on my ATM and everyday debit card transactions on the accounts listed below. I am the owner or a joint account owner on these eligible account(s):

IMPORTANT: For security reasons, please list ONLY the LAST FOUR numbers of each account number below.

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