Personal Banking

Overdraft Privilege

Here are the answers to some common questions about the Overdraft Privilege offered by MembersFirst:


What is Overdraft Privilege?
Overdraft Privilege is a discretionary courtesy provided by MembersFirst to help save you from embarrassment and excessive fees should you accidentally overdraw your account. Members who have a regular checking account that is in good standing and open for at least 30 days are eligible for Overdraft Privilege. To be considered "in good standing," a member must:

  • Have a positive checking account balance
  • Be current on all loans with the credit union
  • Not have any legal or administrative order or levy

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How does Overdraft Privilege work?
If you should accidentally overdraw your account, MembersFirst will pay your checks up to your assigned overdraft limit. As long as you remain "in good standing" by bringing your account to a zero or positive balance within 30 calendar days, we will honor your checks up to the limit we have assigned to you.

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How are checks cleared through Overdraft Privilege?
All checks are cleared in check number order, the order in which the checks were written. Be sure to check your balance and keep your check register so that you can balance your checkbook.

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What is the fee for Overdraft Privilege?
When you overdraw your account, we will pay the amount overdrawn and charge you a $30* fee (the same as the NSF fee).

EXAMPLE: Account with $50 Balance and $500 Overdraft Privilege limit

Beginning Balance $50
Day 1: ACH Transaction $300
ODP Fee $30*
Account Balance -$280
Day 2: Check Number 234 $50
ODP Fee Charged $30*
Check Number 235 $100
ODP Fee Charged $30*
Account Balance -$490
Day 3: Available Overdraft Privilege $10

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Can I still use overdraft protection transfers from my savings account?
Yes, Overdraft Privilege is designed to go to your savings account first and check for available funds. If funds are not available in your overdraft savings account, we will pay the check from your Overdraft Privilege limit and charge a $30* Overdraft Privilege fee.

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How often is the Overdraft Privilege fee charged?
The Overdraft Privilege fee of $30* is only charged when we pay a check for you from your Overdraft Privilege limit.

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How much is my limit and how is it decided?
Overdraft Privilege limits are assigned based on the type of checking account you have. If you have more than one checking account, the Overdraft Privilege limit will be the highest amount you qualify for. This limit can be split between each active checking account in good standing.

The limits are as follows:

Account Type Privilege Limit
Interest Checking $500
Direct Deposit Checking $600
Personal Business Checking $300
Business Checking $500
No Fee Checking $300
MembersFirst 55+ $700

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How do I know when I have used my Overdraft Privilege, and what if I go over my limit?
Whenever your Overdraft Privilege is accessed to pay a check, you will receive an overdraft notice in the mail. If you have used your entire limit and a check is presented for payment, it may be returned to the payee and you will be charged the regular NSF fee. To avoid having checks returned, remember to account for the Overdraft Privilege fee of $30* plus the amount of the item paid.

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How soon do I have to repay my overdrawn balance?
You should attempt to bring your account to a positive balance within 30 days. If you have not brought your account positive within 10 days you will receive a letter reminding you to do so. If you do not bring it positive within 30 calendar days, your Privilege will be suspended; you will be reported to Chex Systems and turned over to collections. Your account must reflect a positive balance for at least 24 hours in order to clear it from a negative status.

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When can I start using Overdraft Privilege?
Overdraft Privilege is available on all accounts 30 days after you open it, as long as the account is in good standing. Privilege limits are applied to accounts at the end of each month. Once the Privilege is assigned to your account, you will receive a letter advising you of your available limit and the policy of the program. Please do not assume you have Overdraft Privilege assigned unless you have received a letter. If you do not receive a letter and you do not know why, call us at (404) 978-0080.

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How can I access Overdraft Privilege?
Overdraft Privilege is available when you:

  • Write a check
  • Make an Automatic Payment (ACH)
  • Use Bill Pay

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What if I don't want Overdraft Privilege on my account?
To "Opt Out" of the Privilege, call us at (404) 978-0080 and request that your Overdraft Privilege be removed. We will remove your limit. Any checks presented over your available funds will be returned to the payee and you will be charged a $30* NSF fee. You will also be responsible for any fees charged by the merchant or payee.

Overdraft Privilege is protection for your checking account. Essentially, MembersFirst will allow you to advance money up to a preset dollar limit on your next deposit should you forget to write something down. There is NO contract, NO application and NO charge unless you use it. This privilege is provided at the discretion of MembersFirst.

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*Fees are subject to change. Please refer to the credit union Fee Schedule found at http://www.membersfirstga.com/about/index.php?page=feeschedule