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Serving members worldwide since 1935.

OVERDRAFT PROTECTION

  • Protection against inadvertent overdrafts
  • No fee for this privilege
  • Ability to pay overdrafts on ATM transactions

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Protect yourself from accidental overdrafts with our overdraft protection:

Overdraft Privilege

Overdraft Privilege helps protect you against having your checks returned in the event of an inadvertent overdraft of your account by giving you a reserve for emergencies or unexpected situations. There is no fee for having this privilege on your account, you are only charged if you overdraw your account.

Overdraft Privilege is not a line of credit. However, if you overdraw your account, we will normally pay the overdraft, subject to the limit of your Overdraft Privilege - after any Lines of Credit already established have been exhausted.

ATM Overdraft Opt-In

As a Lafayette Federal member, we will authorize and pay overdrafts on your ATM transactions via our Courtesy Pay program.

To Opt-Out of Courtesy Pay, please use this form.

The Federal Reserve Board implemented a new regulation called "Check 21" on October 28, 2004. This regulation was intended to make the movement of a check through the Federal Reserve System more efficient. It permits credit unions and other financial institutions to use a new negotiable instrument called a "substitute checks" in place of an original check. A substitute check is the legal equivalent of the original check and includes all of the same information.

How will Check 21 affect you? The most noticeable way it affects our members is that checks will clear sooner, increasing the risk that a check will be returned if the funds are not in the account when the check is written. You are urged to always be sure funds are available in your accounts prior to writing checks.

For more information about this regulation, visit www.federalreserve.gov.

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