What is Overdraft Privilege? | #AskPelican

What is Overdraft Privilege? | #AskPelican


Overdraft privilege is a non-contractual
service offered by Pelican State Credit Union that allows your account to go
overdrawn up to a disclosed limit in order to pay items on your behalf.
Eligible checking accounts do come with a standard limit, now what a standard
limit is, is though that covers ACH transactions, drafts, reoccurring debit
card transactions, bill pay, and with each transaction where you use the privilege
we do charge the $28 overdraft privilege fee. All new checking accounts do have a
60-day waiting period before they’re eligible for overdraft privilege limits.
This is the same whether it’s a brand-new membership or a new checking
account under an existing membership. Limits are based on deposit activity and
loan obligations here at Pelican State Credit Union and they are subject to
change every day. The overdraft privilege is very
beneficial, it allows members who may be in a tight spot, having you know a small
shortage, you know one month things happen we understand. If you need to pay
for groceries, if you know are a little short on rent things like that we want
to make sure that members are able to take care of themselves and give them
that option.

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