Platinum Overdraft Services Consent

Benefits of Platinum Overdraft Services

EECU Checking accounts come with a great feature called Platinum Overdraft Services.¹ If there isn’t enough money in your account to cover a transaction, this service may pay your transaction so you avoid costly returned items fees, late charges, declined transactions or bounced checks.

There are two types of coverages available through Platinum Overdraft Services.

Standard Overdraft

If you affirmatively consent (“opt in”), this enhanced level of overdraft protection may, at our discretion, pay checks and other transactions made using your checking account number, Online Bill Payments, ACHs, and recurring debit card transactions, even if there aren’t sufficient funds in your account to cover the transaction.

One-Time Debit Card Overdraft

If you affirmatively consent (“opt in”), we may, at our discretion, pay one-time debit card transactions even if there aren’t sufficient funds in your account to cover the transaction.

The Benefits to You Are:

• Protection. If you make an error in your checkbook or forget to make a deposit, we may approve your transaction even if you don't have the funds available in your account.
• Peace of Mind. If you have an emergency – such as a vehicle breakdown – and you pay with your debit card, the transaction may be covered even if you don't have enough money available in your account.
• Security. Important bills – such as your mortgage and utility payments – as well as electronic transfers, checks, and other transactions may be covered when sufficient funds are not available in your account.

There are so many benefits to your EECU Checking account and Platinum Overdraft Services is one more.

If you want Platinum Overdraft Services to consider paying overdrafts, log in to Online Access Home Banking or the EECU Mobile App to complete and submit the Platinum Overdraft Services Consent form electronically. Or, schedule an appointment at a branch.

Platinum Overdraft Services is a discretionary service, which means that we do not guarantee overdrafts will always be authorized and paid. There is a fee of $14 each time we pay an overdraft, with a daily maximum of four fees ($56) for overdrawing your account. If the overdraft amount is less than $14 we will not charge an overdraft fee. The expectation is that you will return your Checking account to a positive balance immediately. We will transfer funds from your lower-cost overdraft options (savings or overdraft protection loan) before using the Platinum Overdraft Service.