Life happens. We’re here to help.
Life can be unpredictable and sometimes cause us to lose track of our expenses or account balances. Having a check or other payment returned due to insufficient funds can be costly and inconvenient. That’s why we provide Member Privilege, an overdraft service for Freedom Credit Union accountholders.
What is Member Privilege?
Member Privilege is a discretionary, noncontractual overdraft service that may cover eligible transactions when your available balance is not enough, up to a set limit.
It may be used for:
- Checks and teller withdrawals
- ACH and automatic bill payments
- Recurring debit card payments
With your consent (opt-in), we may also authorize ATM and one-time debit card transactions using your available balance and Member Privilege limit.
How it works
Member Privilege is a discretionary service, not a guarantee. We may decline to cover an overdraft at any time, even if we’ve approved one in the past.
Your account may become overdrawn by:
- Checks, transfers or withdrawals
- Authorized debit card transactions
- Returned deposited items
- Account fees
- Deposits not yet available per Funds Availability Policy
Important to know
We may decline to pay an overdraft if your account does not meet eligibility requirements, the transaction exceeds your assigned overdraft limit or you have opted out of coverage for certain transactions. Returned items are subject to an Insufficient Funds – Returned fee of $32.00 per item.
If eligible, we may cover overdrafts as a courtesy—not a guarantee. You should bring your account to a positive balance as soon as possible and must do so within 30 calendar days.
If your account is not brought current within 30 days, your Member Privilege limit will be suspended, and additional items may be declined or returned. Coverage may be reinstated once your account is returned to good standing.
What does it cost?
There’s no fee unless you use the service. If you use your overdraft limit, you’ll be charged an Insufficient Funds – Paid fee of $32.00 per overdraft item for checks, ACH payments, recurring debit card transactions and other eligible transactions.
Please note:
- We do not cover ATM and one-time debit card transactions unless you opt in. If you opt in and a transaction posts with insufficient funds, you may be charged an Insufficient Funds – Paid fee of $32.00 per item.
- Your available balance at the time transactions post determines whether fees are assessed. Please see the Understanding Your Balance section of the Member Privilege Terms and Conditions for more information.
- For members 65 and older in our 18/65 products, the Insufficient Funds – Returned fee and Insufficient Funds – Paid fee are $5.00 per item.
Safety Net
May help cover eligible
overdrafts on your checking account
Covered Transactions
Checks & ACH
Recurring Debit
*OPT-IN for ATM & One-Time
Fee Overview
$0 if Unused
$32 Per Item (Paid)
$5 for 18/65 per item
Repayment Timing
Bring your account positive
within 30 calendar days
How to opt in or out
To add or remove Member Privilege coverage for ATM and one-time debit card transactions, complete the form at the bottom of our Get Started page:
You can also call (800) 821-0160 or visit any branch to add or remove this coverage.
To remove Member Privilege entirely, call (800) 821-0160 or visit any branch. You are still responsible for any overdrawn balances or related fees.
What’s my limit?
After 60 days, an overdraft limit may be assigned based on your account type and eligibility.
$500
$500
$500
$500
We limit the program to 1 account per accountholder.
Are there other overdraft options?
Yes, we also offer overdraft protection through a line of credit or link to your savings account, which may be less expensive than Member Privilege. To learn more, please call (800) 821-0160 or visit one of our branches to ask us about these plans.
Join our training platform!
We’re pleased to offer the Freedom Credit Union Checking Navigator, an interactive financial management tool that helps members learn banking terminology, balance accounts, track transactions and avoid overdraft fees. Register for access today.