Paul McMillan, Artist

I found myself seeking financing for this unique property that was definitely outside of the traditional mold. When I discussed my plan for an Art Center in Enfield with Alternatives, I was treated with all the considerations of a hometown bank. The personnel there looked at my small business plan and considered what such an enterprise might offer to the community. more»

What is Overdraft Privilege? 

If you should inadvertently overdraw your account, we first look to see if you have a Line of Credit with available funds.  If you do not, we then look to see if you have funds available in your "A" savings account.  Only after that will the Discretionary Overdraft Privilege balance be used.  As with any overdraft, Overdraft Privilege carries a $25 fee per transaction.  If your items are paid, this service will save you the embarrassment and inconvenience of a returned item, as well as the fee normally charged to you by merchants for items returned to them.

Overdraft Privilege is not a loan, and its privilege is discretionary – it may be withdrawn by Alternatives at any time.   You will still be charged the standard $25 Non-Sufficient Funds (NSF) fee each time you overdraw your account.  If multiple items are presented against your account on the same day, each item will be assessed the NSF fee.  Payment of an overdraft does not obligate us or create an agreement or course of dealing on our part to allow overdrafts.  Payment of any overdraft will continue to be at the discretion of Alternatives.

The amount of Discretionary Overdraft Privilege is available for checks and ACH transactions, and may be available for BillPay@Home transactions and when you use your debit card for purchases at retail merchants.  The amount of Discretionary Overdraft Privilege may be shown in your BillPay@Home available balance.

Caution:  If you have a Line of Credit, the amount of Overdraft Privilege will not be shown on an ATM balance inquiry or in your BillPay@Home available balance. If you do not have a Line of Credit the amount of Overdraft Privilege will be shown on an ATM balance inquiry and in your BillPay@Home available balance.  If you have a Line of Credit, overdrafts will first be covered by your Line of Credit balance before it draws from the Overdraft Privilege $300 balance.

The amount of Discretionary Overdraft Privilege will not be shown in your available balance and will not be available to you for Fortune Teller transactions or CU@Home Internet Banking transactions.

This service is offered as an additional benefit of doing business with Alternatives.  It is our pleasure to make this privilege available to you, as a means of expressing our appreciation for the confidence you have placed in Alternatives by entrusting us with your financial relationship.

April, 2010: Important Information Regarding Overdrafts
As you may be aware, new regulatory requirements will change how overdrafts are handled by financial institutions for consumer accounts.  Since these changes may affect the way you manage your account, we want you to understand the choices that you will have with Alternatives Federal Credit Union. 

As a benefit of your relationship with us, you may currently have Overdraft Privilege on your account.  With Overdraft Privilege, if you inadvertently overdraw your account, we have the option to cover your overdrafts up to a certain amount, including overdraft fee(s) of $25 – thereby saving you the embarrassment and inconvenience of a returned or declined item, as well as the fee normally charged to you by merchants for items returned to them.  The amount of Overdraft Privilege is not shown in your available balance, but may be available to you for ATM cash withdrawals, checks, ACH transactions, BillPay@Home transactions, and when you use your Alternatives VISA Debit Card for purchases at retail merchants.

Because of the new regulatory requirements, if you currently have Overdraft Privilege on your account, the service you currently have for ATM and everyday debit card transactions will only continue until August 15, 2010, unless you notify us that you wish to continue to receive the service for those transactions. 

If you have not already opted in and want Overdraft Privilege to continue to apply to your ATM and everyday debit card transactions, you can do so in one of the following ways:
•    Log into your account – the first screen will prompt you to opt in (this will be available after April 5);
•    Contact us at (607) 273-4611 or 877-273-AFCU (2328);
•    E-mail us (please include your account numbers and name);
•    Come into Alternatives and complete a form.

Overdraft Privilege will continue to be available for checks, ACH, and automatic bill payments unless you elect to opt out of the Overdraft Privilege service in its entirety by contacting Member Service at 607-273-4611. 

Overdraft Privilege is a service provided to help you, should an overdraft occur.  Your account will still be charged the standard overdraft fee of $25 for handling each item, which is the same fee that Alternatives Federal Credit Union charges for items drawn against insufficient funds and returned to the payee.  If multiple items are presented against your account on the same day, each item will be assessed the appropriate Overdraft fee or Returned Item fee of $25.
 
Please be aware Overdraft Privilege is not a Line of Credit and this notice does not constitute either a written agreement of an obligation or a prearranged agreement to pay your overdraft, and we may withdraw this privilege at any time.  Please take a moment to review the enclosed Discretionary Overdraft Privilege Policy.

It is our pleasure to offer this Overdraft Privilege to you.  To ensure that you continue to have access to your overdraft limit through ATM and everyday debit card transactions, please notify us before August 15, 2010.  If you do not currently have Overdraft Privilege on your account, please contact Member Service to see if you qualify.