Overdraft Programs

>Empty Pockets?                   >Unexpected Expenses?
>Personal Emergency?        >Mistakes in your check book?

At VBSFCU, we’ve got you covered with Privilege Pay! In the event that you have non-sufficient funds based on your available balance in your checking account, the credit union may cover your overdrawn available balance, up to your approved limit – without sacrificing your good credit standing and saving you the embarrassment and expense of returned checks.

What makes our Privilege Pay valuable?

>Limit up to $1,200
>Competitive fee of $19.99
>No fee to enroll

What is Privilege Pay?

It is a discretionary overdraft program for members in good standing. We do not guarantee to pay your items when there are non-sufficient funds in your checking account available balance. You will be charged a fee and you are expected to bring your account to a positive available balance as soon as possible when you use Privilege Pay. You may opt-out of the service anytime by calling 757-463-3650 or stopping by a VBSFCU office.

How does Privilege Pay work?

With this service, we may paychecks, bill pay transactions, and automatic payments, like utility bills (ACH debits) when you do not have enough money in your checking account available balance to pay any or all of these items. We may also pay debit card charges and cash withdrawals from an ATM if you authorize us to do so (“opt-in”).

Since Privilege Pay is not a loan, but a deposit service, you may be charged $19.99 per item paid. Fees charged may reduce the Privilege Pay amount available to you, so making a deposit quickly helps you, and allows us to continue to provide Privilege Pay protection on your account. We reserve the right to choose to pay or return any item at any time.

What is my Privilege Pay limit?

The limits we offer to our members range up to $1,200. The Privilege Pay overdraft limit may vary depending upon your account status and financial history. If you have secondary checking accounts, your Privilege Pay overdraft limit is applied to your primary checking account only. Overdrafts are paid at the discretion of the Credit Union and limits are subject to change daily without notification.

What if I don’t want Privilege Pay on my account?

You can simply opt-out of Privilege Pay at any time, but if you do use it, you need to deposit funds into the account as soon as possible to cover the negative amount plus any fees we may charge.

Debit Opt-Out Form
Privilege Pay Waiver Form
Privilege Pay Fact Sheet

If we return your item for non-sufficient funds (NSF), the merchant, person, or company you paid with your check, or automatic payment may also charge you an additional fee or impose a penalty.

What does it cost to cover an overdraft?

We encourage you to maintain accurate records and practice good account management. This will help you avoid writing checks or drafts without sufficient funds and incurring the resulting fees.

How to cover overdrafts at VBSFCU

Good Account Management                                                 $0.00
Non-sufficient funds return item fee (NSF)                          $35.50 per item
Privilege Pay (overdraft fee)                                            $19.99 per item
Overdraft Deposit Transfer Fee (automated)                       $5.00 per transfer
Overdraft LOC Transfer Fee* (automated)                           $0.00

Privilege Pay Policy

Privilege Pay may be suspended or revoked by the Credit Union at any time for any reason. The following are some of the reasons that may result in Privilege Pay being revoked or suspended:

  • Exceed the maximum limit available to you, including fees;
  • File bankruptcy;
  • You have delinquent loans with us;
  • We charge off a loan balance in your name or that of a joint owner;
  • There are any legal orders, levies, or liens outstanding on your account;
  • Abusing the member relationship or service; or,
  • You request to opt-out of the service.

There are several other ways over drafting can be set up on your account. These options include, but are not limited to:

    • Automatic transfer from another share or share draft account,
    • Using an overdraft loan (please click here for information), or;
    • Declining overdraft completely.

If you are unsure of which option you use, please contact a Member Service Specialist.

What is the difference between my balance and my available balance? 

*Interest may apply.