Overdraft Protection Enrollment

An Overdraft Occurs when you do not have enough available funds in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

1. We have Overdraft Protection Program which you can opt in or out of

2. We also offer Overdraw Transfer Protection, such as linking your checking to your savings account, which may be less expensive than our Overdraft Protection Program. Overdraw Transfer Protection does use a Fed Reg’D transfer. To learn more, ask us about this plan.

This notice explains our Overdraft Protection Program:

What is Overdraft Protection?

Overdraft Protection is when the available funds in your share or deposit account is not enough to pay the full amount of a draft, debit transaction, or other item, but we authorize the transaction to go through, plus an applicable fee of $20 for each transaction.

  • We pay overdrafts at our discretion, which means that we do not guarantee that we will always authorize and pay any type of transaction.
  • If we do not authorize and pay an overdraft, your transaction will be declined and subject to a $20 Non-Sufficient Funds fee.
  • Your account will need to be in good standing within 30 days of your negative date. If you fail to bring your account to good standing within 30 days, we will exercise our right to discontinue your coverage without notice. If your account becomes negative for 45 days, your account will be sent to collections. Your negative date will only reset if your account has stayed in good standing until the following business day.
  • We do not authorize and pay overdrafts for ATM transactions and everyday debit card transactions without your affirmative consent.

What is the Limit for Overdraft Protection?

  • The limit for Overdraft Protection is $500. This includes any fees occurred. If you exceed the limit, Bear Paw Credit Union may exercise our right to use our discretion and discontinue your coverage at any time without notice.
  • Overdraft Protection is limited to one Primary Account Holder. If you have 2 or more accounts under your name, you may only have Overdraft Protection on one account.
  • You may not be enrolled in Overdraft Protection if you have a Line of Credit on your account.
  • There is no limit on the total fees we can charge you for overdrawing your account

What are the qualifications for Overdraft Protection?

  • Your account must be in good standing for the first 30 calendar days. If you enroll in Overdraft Protection, your account will be reviewed at 30 days. Bear Paw Credit Union may exercise our right to use our discretion to deny your Overdraft Protection enrollment, or to discontinue your coverage at anytime without notice.