Frequently Asked Questions - Member Privilege
How does Member
What does Member
How do I know
when I use the Member Privilege overdraft limit?
What is my Member Privilege limit? If I have two
checking accounts, can I get Member Privilege on both?
What if I go
beyond my Member Privilege limit?
What are some
of the ways I may have access to Member Privilege?
must I repay my Member Privilege?
How soon can
I use my Member Privilege?
When I check
my balance at an ATM, through DirectConnect home banking, ELSIE
audio response telephone service, or at the teller window is my
Member Privilege limit included?
What if I
do not want to have Member Privilege on my checking account?
A. As long as you maintain your account in good
standing, LCFCU may approve your overdrafts
within your current available Member Privilege
limit. Whether your overdraft will be paid
is discretionary and we reserve the right not
to pay. For example, we typically do not pay
overdrafts if your account is not in good
standing. Your account is in good standing
if you (1) demonstrate responsible account
management—such as making regular deposits
to bring your account to a positive balance at
least once every 30 days (including the payment
of all credit union fees and charges); (2) avoid
excessive overdrafts suggesting the use of
Member Privilege as a continuing line of credit,
and (3) there are no legal orders, levies or liens
against your account. Please note that the
amount of the overdraft plus our standard NSF
fee of $25 for each item will be deducted from
your overdraft limit. No interest will be charged
on the overdraft balance.
A.There is no additional cost associated with this privilege unless you use it. You will be charged our standard NSF fee of $25 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. Also, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases. (For example, three paid items in one day will result in $75 in NSF fees.) To help you manage your account, the total fees you have paid for NSF items (both paid and returned) during the current month and for the year-to-date, will be reflected on your monthly checking statement.
A. You will receive an overdraft notice in the mail
each time items are paid. The notice will show
the check number, amount and the NSF fee.
You will need to subtract the total fees when
balancing your checkbook.
A. Your Member Privilege limit is $500. If you have multiple
accounts for your household, you may have a limit on all
A. Overdrafts above and beyond your established Member
Privilege limit may result in a check or checks being
returned to the payee. The standard NSF fee will be
charged per item and assessed to your account. An NSF
notice will be sent to notify you of our actions.
A.Generally, you may access your Member Privilege through:
**Member Privilege service will be made available for ATM or everyday debit card transactions only upon your request. Call 202-707-5852 or visit our branch to arrange for your ATM and debit card coverage.
- Teller transactions
- Writing a check
- DirectConnect home banking transactions
- Bill Payer transactions
- ACH debit transactions
- ATM withdrawals**
- Debit Card transactions (everyday)**
- Debit Card transactions (recurring)
- ELSIE telephone account management transactions
A. You should make every attempt to bring your account to a
positive balance as soon as possible, and must do so within
30 days. If you are not able to bring your account to a
positive balance within 30 days you will receive a letter
from LCFCU informing you of the situation and your
options. If, thereafter, your account has not been brought
to a positive balance, we may suspend your account and take
other steps to recover the funds.
A. If you are a new checking account holder, you may be able to use the overdraft service 60 days after the account is opened, assuming you demonstrate responsible account management by making regular deposits to maintain your checking account with a positive balance, and there are no legal orders, levies or liens against your account.
A. No. The balance reflected in these settings will not
include the overdraft limit assigned to your account.
A. There is no cost for having the peace of mind associated
with our Member Privilege overdraft courtesy service, unless you
use it. However, in the event you would like to have the service
removed from your account, you may do so by simply returning a completed
Member Privilege Waiver of
Limit Form to our office in person, by fax (202) 707-6418 or
by mail to: 8100 Professional Place #308, Hyattsville, MD 20785-2229
For additional information, please read our Member