125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Discretionary Overdraft Privilege Policy

The Credit Union Policies and Rules provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the Authorized Signatories and Alternatives Federal Credit Union with regard to your checking account. The Credit Union Policies and Rules (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Overdraft Privilege Policy and the Credit Union Policies and Rules.  A copy of the Credit Union Policies and Rules is available to you on request from Alternatives Federal Credit Union.  

Overdraft Privilege is not a Line of Credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to the limit of your Overdraft Privilege and the amount of the overdraft fee. Alternatives Federal Credit Union is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Alternatives Federal Credit Union of an overdraft check (or items, such as ATM withdrawals) does not obligate Alternatives Federal Credit Union to pay any other overdraft check (or item), or to provide prior notice of its decision to refuse to pay such check (or item).     

Pursuant to Alternatives Federal Credit Union’s commitment to always provide you with the best level of service, now and in the future, if your account has been open for at least ninety (90) days, and thereafter you maintain your account in good standing, which includes at least:

A)  Bringing your account balance to a positive balance as soon as possible but at least once within every thirty (30) day period for a minimum period of 24 hours;

B)  Not being in default on any loan or other obligation to Alternatives Federal Credit Union and

C)  Not being subject to any legal or administrative order or levy 

Alternatives Federal Credit Union will have the discretion to pay overdrafts within the Overdraft Privilege limits, but payment by Alternatives Federal Credit Union is a discretionary courtesy and not a right of the Member or an obligation of Alternatives Federal Credit Union.  This privilege for checking accounts will generally be limited to a maximum of $300 overdraft (negative) balance.  Of course, any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedules and Credit Union Policies and Rules, will be included as part of this maximum amount.  

The total of the discretionary Overdraft Privilege (negative) balance, including any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Credit Union Policies and Rules and Disclosure with a maximum repayment period of 30 days.

Again, while Alternatives Federal Credit Union will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not a right of the Member or an obligation of Alternatives Federal Credit Union and Alternatives Federal Credit Union in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.

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The Credit Path

As Alternatives Credit Union has grown and changed, our use of the Credit Path model of financial empowerment has changed as well. Originally developed by Bill Myers as a way of understanding our members' financial situations and incorporating that into our business planning, the Credit Path describes where people are situated at various points along a continuum between poverty and self-sufficiency. Our job, as a community development financial institution, is to help our members move along that continuum by empowering them to make decisions, and offering opportunities, that will move them towards financial self-sufficiency. more»


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