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 three different ways:
- When you open a share draft (checking) account with Cedar Point we automatically connect it with your Share 0 (savings) account. We will transfer available funds to cover an overdraft up to six (6) times per calendar month as limited by Regulation D.
- We also offer an overdraft line of credit. If you qualify, funds will be available up to the limit of your line of credit. And you only pay
a reasonable interest on the funds you use. Ask your favorite member service representative for more information.
- We offer an overdraft privilege program for which you may opt-in. If you qualify we will cover up to as much as $500 in overdrafts.
This program can save you embarrassment should you inadvertently overdraft when no other funds are available.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts, subject to our Overdraft Privilege Policy, for the following types of transactions:
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
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 fees will I be charged if Cedar Point Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $30 each time we pay an overdraft using overdraft privilege.
- This is a one-time fee per overdraft; however, we require that you bring your account to a positive balance within 30 days of the
original overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Cedar Point Federal Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 301-863-7071, visit or complete the form which you can download here. And drop it by any branch office, include it in your deposit to any Cedar Point ATM, or mail it to:
Cedar Point Federal Credit Union
22745 Maple Road
Lexington Park, MD 20653
You can also request changes to how we pay checks and other transactions made using your checking account number (checks, teller transactions, online bill pay), or automatic bill payments (electronic payments/ACH). Please contact us for more information about these options. You have the right to change your decision at any time.
Download your opt-in form here
