Zeal Credit Union

Overdraft Coverage

Have you ever lost track of your account balance? It happens to the best of us for a variety of reasons. That’s why we offer you different options to cover overdraft transactions. Overdraft Coverage at Zeal Credit Union allows for payments to be made from your checking account even if the funds aren’t available in your account. You get to choose from a variety of overdraft services that best suit your needs. Fees apply to these services. Click here to view our schedule of fees.


Overdraft Line of Credit Loan

Protect your account from bounced checks and the fees associated with them. With our overdraft line of credit, your funds are covered up to your approved limit until you can bring the account positive again. An 18% interest rate is charged on overdraft line of credit balances.


Overdraft Protection Plan

Automatically cover overdraft transactions and link your membership savings account, secondary savings account, and/or your Overdraft Line of Credit (if applicable), to your checking account. The funds will transfer automatically in an overdraft situation as long as there are available funds in the transfer account(s) to cover the transaction. You must enroll into our Overdraft Protection Plan to become eligible for the service. Enrollment is easy — stop by one of our branch offices or contact a Member Service Representative at 800-321-8570, ext. 7400.


Overdraft Privilege

Now you can pay for items that would not normally clear your checking account because of insufficient funds. When you write a check or a make a debit transaction that exceeds the balance in your account, we’ll honor the transaction and the merchant will be paid, saving you the additional merchant fees typically charged for unpaid transactions.


Regulation E States You Must Opt In

Even though we add Overdraft Privilege to your account, we can’t pay overdrafts until you give us your permission by opting in to the Federal Government’s Regulation E. Opting into this regulation will authorize Zeal Credit Union to pay your overdrafts on debit card transactions when funds are not available in your account. In order to choose to “opt-in”, we need to hear from you one time only. Stop by one of our branch offices or contact a Member Service Representative at 800-321-8570, ext. 7400. The process will take virtually no time at all.


Overdraft Privilege Rules & Regulations

  • You must deposit an amount equal to or more than the amount of discretionary Overdraft Privilege extended to you.
  • You must bring your account to a positive End of Day balance within every 54-day period. A zero balance is not considered to be a positive balance.
  • You must not be in default on any loan or other obligation to Zeal Credit Union.
  • You must not be subject to any legal or administrative order or levy.
  • Minor Accounts are not eligible for Overdraft Privilege (under 18).

Overdraft Privilege is not a line of credit, but a courtesy to protect you if you inadvertently overdraw your account. We have the discretion to pay the overdraft, subject to the limit of your Overdraft Privilege and the amount of the overdraft fee. Zeal Credit Union is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment (or other negotiation or processing) by Zeal Credit Union of any non-sufficient item does not obligate Zeal Credit Union to pay any additional non-sufficient fund items, or to provide prior notice of its decision to refuse to pay such items.

Zeal Credit Union will consider, as a discretionary courtesy and not a right or obligation, approving your reasonable overdrafts. This privilege will generally be limited to a maximum of $500 in negative balances for member checking accounts. Any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedules available at zealcu.org), will be included. Overdrafts written above and beyond Zeal Credit Union’s established limit may result in a check or checks being returned to the Payee.

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