From time to time, you may not have sufficient funds in your account to cover items you have authorized to clear on your account. Mid American Credit Union offers several overdraft protection options. Transfer from another share account Transfer from a MACU VISA line-of-credit Transfer from a non-Mid American VISA or MasterCard If you qualify, you will also be automatically added to the Credit Union’s Members Automatic Protection Plan (MAP). Plan Characteristics The plan only applies to members who have checking accounts. The payment of your items (checks, VISA debit card transactions, electronic debits, telephone-initiated transactions or ATM withdrawals) is totally at the discretion of the credit union. No guarantee of payment is made by the credit union. You should maintain sufficient funds in your accounts to cover all outstanding items you have authorized to clear your accounts. Checks clear accounts in account number order with the lower dollar checks clearing before higher dollar checks. Six levels have been established for MAP. $ 0 – Member not included in the plan $ 50 – Nominal Overdraft Limit $200 $450 $700 $900 You will have a $50.00 nominal overdraft limit. This will allow for errors that may be made when calculating checkbook balances. If you have a direct deposit, the overdraft limit will be set to the tier closest to one-half of the last direct deposit amount. If you do not have a direct deposit and the account has been opened at least one year, your deposit history will be analyzed by the Credit Union and may be set at tier level closest to one-half of the average of the last three month’s deposits. Plan Fees Any time checks, checks converted to ACH items, telephone-initiated transactions or other electronic ACH items are presented for payment and there are not sufficient funds in the account to pay the item(s), a non-sufficient funds (NSF) fee of $25.00 will be charged to the account. Any time VISA debit card transactions or ATM withdrawals are presented for payment and there are not sufficient funds in the account to pay the item(s), a non-sufficient funds (NSF) fee of $30.00 will be charged to the account. These fees will reduce the overdraft limit available to you. Example: The account balance is $20.00 and the overdraft limit is $450. A check for $30.00 and an ATM withdrawal of $50.00 presented for payment on the account. No other overdraft options are available on the account. The Credit Union decides that both items will be paid. The account balance after the payments of the items would be $-115.00, leaving an additional $335.00 to pay items and fees, connected to them, before any item would be returned NSF. See below for details. Current Balance $20.00 NSF fee minus $25.00 Check Payment minus $30.00 ATM NSF fee minus $30.00 ATM item payment $50.00 Equals $-115.00 A notice will be sent to you, each day the credit union pays an item using MAP. Member Opt-Out Option If you do not want us to pay your overdrafts under our MAP Plan, tell us in writing addressed to 8404 W. Kellogg Dr., Wichita, KS 67209. Once you tell us that you do not want this service, we will return all items unpaid if there are insufficient funds in your account. Some items cannot be returned, such as, ATM withdrawals and POS VISA transactions. If your account balance is insufficient to a non-returnable item, your account will be charged a $30.00 fee. If you tell us verbally that you want to opt-out of MAP, we may require you to give us written notification. If the government directly deposits your Social Security, Veterans Retirement or other government benefits to your account, you must tell us in writing if you do not want us to pay any of your overdrafts using our MAP Plan (or any other form of overdraft protection) or if you do not want us to apply these direct deposits funds to any of your overdrafts. Member Disqualification from the Plan The credit union reserves the right to exclude any member from participation in the plan. If your account remains negative for a period of 60 days, the account will be closed and the negative balance treated as a loss to be collected by the most efficient possible means. Questions You may direct any questions you have to any Financial Services Representative at 722-3921, ext. 202.
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Mid American Credit Union - 8404 West Kellogg Drive, Wichita, Kansas 67209 - (316) 722-3921 * Fax (316) 722-0920 - macu@midamerican.coop