Overdraft Protection

Overdraft Protection

We understand that things happen. Unexpected financial challenges can catch you off guard. That is why Palmetto Health Credit Union offers Overdraft Privilege, which may be able to help you in your time of need.

Understanding Overdraft Protection

An overdraft occurs when you don't have enough money in your account to cover a transaction, but we pay it anyway. We cover your overdrafts in two different ways:

  • We offer overdraft protection plans such as a link to a savings account or a loan, which may be less expensive than Overdraft Privilege.
  • We also offer Overdraft Privilege (ODP) for qualified Money Management checking accounts.

For more information, including examples, on overdraft protection, please click here.

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What are the Overdraft Privilege practices?

Palmetto Health Credit Union (PHCU) may authorize and pay overdrafts on the following transactions without your approval unless you specifically Opt-Out of Overdraft Privilege:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

In order for us to pay overdrafts for ATM and everyday debit card transactions, you must Opt-In to provide us your authorization.  Unless you Opt-In for Regulation E card access, any ATM or debit card transactions will be declined if the funds are not available.

We pay overdrafts through Overdraft Privilege at our discretion. This means we do not guarantee that Overdraft Privilege will always authorize and pay any type of transaction.  If we do not authorize and pay an overdraft, your transaction may be declined or returned unpaid, and a fee may apply.

What fees will I be charged if PHCU pays my overdraft through Overdraft Privilege?

  • We may charge you a fee of up to $25.00 each time we pay an overdraft.
  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want PHCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions you must choose Opt-In.  If you do not want us to authorize and pay overdrafts on ATM and everyday debit card transactions, choose Opt-Out.

If you authorize PHCU to pay overdrafts for ATM and everyday debit card transactions, you may revoke this authorization at any time by choosing to Opt-Out.

If you have any questions or concerns about overdraft protection or Overdraft Privilege, please contact us at 888-978-2101.


Click here to Opt-In or Opt-Out of Reg E


View Examples of Overdraft Options