Overdraft Protection

• Overdraft Protection is an optional service that allows us to use the available funds from your designated linked account(s) to authorize or pay your transaction(s) when you do not have enough available funds in your checking account. You may link up to two of your eligible accounts (one savings, one credit) to your checking account which may help minimize overdraft fees.
  
  Make sure your checking account is linked to your designated savings and/or line of credit by calling us at 803-978-2101. You may apply for a PHCU line of credit on our website, through our mobile app, by or visiting a branch.  Apply online today!
  

• Overdraft Privilege (ODP) is a service offered by the Credit Union in which qualified account holders may overdraw their checking account up to the disclosed limit for a fee in order for us to pay a transaction if the account has insufficient available funds.
  
  

  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 is the Credit Union's Standard Overdraft Practices?

We do authorize and pay overdrafts, at our discretion, for the following types of transactions without your approval unless you specifically Opt-Out of Overdraft Privilege: 

• Checks
  
• ACH payments (transactions made using your checking account number) 
  
• Automatic Bill Payments
  
• Recurring debit card transactions
  

We do not authorize and pay overdrafts for the following types of transactions unless you specifically ask us to:

• Everyday debit card transactions
  
• ATM withdrawals
  

This means that if there's not enough money in your checking account or accounts linked for Overdraft Protection, and you overdraw your account by check, ACH, Bill Payment, or recurring debit card transactions, we may pay the overdraft, subject to the limit of your Overdraft Privilege, and charge you an overdraft fee. You can request to remove our standard overdraft coverage from your account by speaking to a Credit Union representative at 803-978-2101. 

In order for us to pay overdrafts for ATM and everyday debit card transactions, you must Opt-In to provide us your consent. Unless you Opt-In for Regulation E card access, ATM and debit card transactions may be declined if the funds are not available. You may Opt-In or Opt-Out of this Debit Card Overdraft Service at any time using the link below or by clicking on the 'More Options' tab within Online Banking, and selecting the option that says ATM/Debit Card Regulation E Opt In/Out.

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

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, per occurrence, each time we pay an overdraft.
• There is a daily limit of $80 on total ODP fees but no limit on the total number of insufficient funds (NSF) fees we can charge you for overdrawing your account.
  

What is Debit Card Overdraft Service?

If you have Opted-In to Regulation E debit card access and there's not enough money in your checking account or accounts linked for Overdraft Protection to cover your ATM or (one-time) debit card transactions, we may pay the overdraft through our Debit Card Overdraft Service and charge you an overdraft fee.This service is subject to the limit of your Overdraft Privilege.

This service does not apply to checks and/or other transactions such as Bill Pay, ACH, or recurring debit card transactions. The Credit Union may continue to authorize or pay these transactions into overdraft, at our discretion, and our standard overdraft fees and policies will apply. 

If Debit Card Overdraft Service is not added and there is not enough money in your checking account or accounts linked for Overdraft Protection, ATM and everyday (one-time) debit card transactions may be declined, and there are no fees for declined transactions. If the service is not added and your ATM or everyday (one-time) debit card transaction creates a negative balance during posting, there will not be an overdraft fee.

Debit Card Overdraft Service is not available for certain accounts, such as minor's accounts, for government entities, or savings accounts. This service is a discretionary service that may be removed by the Credit Union for a variety of reasons including excessive overdrafts or returned items.

You may Opt-In or Opt-Out of this Debit Card Overdraft Service at any time using the link below or by clicking on the 'More Options' tab within Online Banking, and selecting the option that says ATM/Debit Card Regulation E Opt In/Out. 

Understanding Your Available Balance

You can obtain your account's available balance online, through our Mobile Banking app, at the ATM, or by calling our 24-hr Automated Teller at 800-996-4676.

Your available balance is the most current record we have of the money available to withdraw from your account or for the authorization of your next debit card purchase. However, your available balance includes only the authorized or pending payments that the Credit Union knows about. You may have authorized transactions that will make the amount truly available for your next purchase lower than what is known to us.

Additional Tips to Keep in Mind and Help Avoid Overdrafts 

• If you use your debit card to authorize an online purchase, be aware that some merchants don't charge your account until the item purchased has shipped, which may be weeks later after you have forgotten about the purchase. Make a note of this purchase in your transaction register at the time of purchase.
  
• When shopping online and purchasing multiple items in the same order, please note that some merchants may split orders into multiple shipments or even multiple orders. This may result in multiple charges, and possibly multiple overdraft fees if the funds in your account aren't sufficient to cover the transactions(s) on the date they are presented to your account.
• Consider using Overdraft Protection services. For example, at Palmetto Health Credit Union, when you link an eligible savings or line of credit to your checking account, money can be automatically transferred to cover a transaction if you don't have enough money in your checking account. An Overdraft Protection transfer fee will be assessed for each transfer made. We will not charge a fee unless the transfer covered at least one pending item, or helped you avoid at least one overdraft or returned item.
  
• Sign up for PHCU's Account & Text Alerts that can help you monitor your available balance.  Keep in mind that your available balance does not include transactions that we don't know about yet, for example checks you have just written or the car payment you just authorized. Only you know all the transactions that will affect the balance you have available for making that next purchase.
• Use our online bill payment service to help you keep track of your payments. Rather than authorizing a company to "pull" money from your account on the due date, you "push" the money from your checking account and can determine if you have enough money before sending the payment.
• Keep a cushion in your account to cover payments that you may have forgotten to record in your personal transaction register.
  
• Use PHCU's Mobile App, Online Banking, Automated Teller or text banking to monitor your balance while you're on-the-go.
  
  

If you have any questions or concerns about PHCU's Overdraft Protection or Overdraft Privilege, please contact us at 888-978-2101.