Extended Coverage Consent Form

What You Need To Know About Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.

What You Need To Know About Overdrafts and Overdraft Fees
We do authorize and pay overdrafts for the following types of transactions:
  • Checks and other transactions made using your checking account number
  • Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent:
  • ATM transactions
  • Everyday debit card transactions
We pay overdrafts at our discretion, which means 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.

What You Need To Know About Overdrafts and Overdraft Fees
Under our standard overdraft practices:
  • We will charge you a fee of up to $35 each time we pay an overdraft
  • If your account balance remains overdrawn for longer than 5 calendar days, we will charge your account $5 every fifth day, beginning on day five
  • There is no limit day on the total fees we can charge you for overdrawing your account
What You Need To Know About Overdrafts and Overdraft Fees
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 803-227-5555, send us a secure message on Private Teller, or complete the form here and present it at a branch or mail it to: 4480 Rosewood Drive, Columbia, SC 29209. You can revoke your authorization for Caro Federal Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.
 
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