Overdraft Protection

Overdraft Protection is available for qualified members. Alcon Employees Federal Credit Union offers the following options to protect our members in the event they overdraw their account.

  • Free Overdraft Protection from main savings (shares) account is available. Increments of $50.00 will be transferred to cover insufficient funds on your checking account up to a limit of six per statement cycle.
  • If you have other accounts with Alcon Employees Federal Credit Union, you may authorize us, in advance, to transfer in increments of $50.00 the funds needed to cover overdrafts up to a limit of six per statement cycle.

The Federal Reserve imposes standard requirements for all financial institutions governing the number of transfers and withdrawals made on all savings accounts. Each month you are limited to six withdrawals and/or transfers from your savings accounts made by telephone, online banking, pre-authorized transfer, or transfer for overdraft protection. You are granted unlimited transfer requests in-person at the credit union or by ATM.

Courtesy Pay

Alcon Employees Federal Credit Union provides this service to eligible members’ checking accounts to cover overdrafts of amounts up to $500 — this limit includes all applicable fees as well as a $35 fee charged for each item presented. The overdraft limit applies to paid items; members’ balances may be greater if additional fees post to the account.

With Courtesy Pay, Alcon Employees Federal Credit Union will generally pay overdraft items up to $500. However, whether overdrafts will be paid is a discretionary decision and Alcon Employees Federal Credit Union reserves the right not to pay. For example, Alcon Employees Federal Credit Union typically does not pay overdrafts on accounts that are not in good standing, or if a member is not making regular deposits or has incurred an excessive number of overdrafts in the past.

We may authorize and/or pay overdrafts for the following types of transactions:

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

Account must be brought to a positive balance within a 30 day period. All deposits to the account are first applied to the negative balance.
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