Non-Sufficient Funds transactions and Overdrafts can significantly impact your financial well-being. Below is information about Non-Sufficient Funds transactions, how you can avoid them and Overdraft Protection options with CALCOE.
What is a Non-Sufficient Funds transaction?
This occurs when you do not have enough money in your checking account to cover a transaction. The Non-Sufficient Fund (NSF) transaction item is then returned to the merchant. CALCOE charges a fee to return transaction. The merchant may charge a fee as well.
How can a Non-Sufficient Funds transaction occur?
A Non-Sufficient Funds transaction can occur several ways:
- Not enough funds in your checking account due to a variety of reasons, like a late deposit,
- A hold was placed on your checking account to secure funds from a prior transactions; hotel reservations and gas stations are common occurrences, or
- A delay in transaction posting.
Can you have multiple Non-Sufficient Funds transactions occur?
How does CALCOE pay Non-Sufficient Funds transactions?
CALCOE pays items in a chronological order as much as possible. CALCOE does not pay based on high to low amounts. Transactions are posted as credit first then debit.
How can I know my real-time balance?
You can obtain their available balance any time through our convenient online banking, mobile app, ATMs, CARe Line Phone Teller, calling or visiting a branch office.
What are my service options to avoid a Non-Sufficient Funds transaction?
CALCOE has several options to consider:
- Courtesy Pay* – If you, as an eligible member, have opted in to Courtesy Pay, CALCOE will pay non-sufficient fund transaction items by taking your account into the negative and the NSF item will not be sent back to the merchant. Taking your account into the negative to pay for a non-sufficient fund transaction is called an overdraft. See Rate & Schedule for Courtesy Pay fee.
Courtesy Pay will allow us to authorize and pay overdrafts for the following types of transactions:
- Checks and ACH transactions made using your checking account number
- Automatic bill payments, including “recurring” debit card transactions
- ATM transactions
- One-time or non-recurring 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.
See the “Courtesy Pay Disclosure” for more information
*Must be at least 18 years old and not past due on any CALCOE obligation. New share draft/checking accounts opened 90 days or less may have a $500 overdrawn limit including fees; any further overdrawn items will be returned as Non-Sufficient Funds. Eligibility is at discretion of CALCOE. There is no limit to the total fees that can be charged per account. Repayment of overdraft balance and fees are payable upon demand. Repayment of Courtesy Pay balance is required within 10 days or Courtesy Pay/Share Draft/Checking privileges may be suspended or revoked.
- Balance Transfer – the overdraft transaction is paid and the amount is transferred into your checking account from another linked account for payment. Balance transfer does not take your checking account into the negative. This service costs $5 per transfer.
- Line of Credit – the overdraft transaction is paid and charged to your line of credit. You just pay back the balance plus minimal interest to the line of credit. To obtain a line of credit, you must apply online or at one of our branches. This service costs the line of credit interest due.
- Credit Card Overdraft Protection – the overdraft transaction is paid and charged to your Visa credit card. You just pay the normal cash advance fees. To obtain a Visa credit card, you must apply online or at one of our branches. This service costs the credit card interest due.
Can I stack or have more than one Overdraft Protection service?
Yes. Stacking overdraft protection services is a great way to ensure there is little chance of incurring an overdraft or NSF transaction.
For more information, please refer to the Funds Availability Policy in the CALCOE Membership booklet.
How can I avoid a Non-Sufficient Funds transaction?
- Know your account balance and keep track of your deposits and payments, including those that are scheduled to occur automatically (you can do this by keeping a transaction register). Using free services like online banking, mobile banking, or our CARe Line phone teller may help.
- On a monthly basis, take time to balance your checking account register with your monthly statement from CALCOE.
- Sign up for direct deposit of your paycheck, Social Security payments, or other income.
- Know when regular electronic transfers (e.g., rent, mortgage payments or utility bills) and direct deposits (e.g., payroll or Social Security checks) are paid or deposited into your account.
- Sign up for low-balance email alerts, available through Online Banking.
For more information, please visit any branch or call our Member Service Representatives at 509.248.4308.