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:
-
We have standard overdraft practices that come with your
account.
-
We also offer overdraft protection plans, such as a link to
a savings account, 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 pay overdrafts for the following types of
transactions:
We do not authorize and pay overdrafts for the following types
of transactions unless you ask us to (use the form on this web page):
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 Miami Federal Credit Union pays my
overdraft?
Under our standard overdraft practices:
What if I want Miami Federal Credit Union to authorize and pay
overdrafts on my everyday ATM card and debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (305) 377-1017, or complete the form below and present it at a branch, or fax the completed form to (305) 305-577-4423, or mail it to 51 SW 1st Avenue, Suite 604, Miami, Florida 33130.
I DO want Miami Federal Credit Union
to authorize and pay overdrafts on my ATM and everyday debit card
transactions
I DO NOT want Miami Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit
card transactions
You can revoke your authorization for Miami Federal Credit Union to pay these overdrafts by calling 305-377-1017, submitting a request online at www.miamifcu.org, coming by a branch or by mailing a revocation of consent to 51 SW 1st Avenue, Suite 604, Miami, FL 33130. Your revocation must include both your name and your account number so that we can properly identify your account.