Skip to main content

Overdraft Privilege Program Changes

CLICK HERE to Opt-In to E-Services Overdraft Privilege

Changes to ATM Withdrawals & Debit Card Authorizations

Regulatory changes that went into effect July 1, 2010 affect your Overdraft Privilege. Please take a moment to read this important information and let us know if you want to include ATM withdrawals and debit card transactions in your Overdraft Privilege.

As of July 1, 2010 , it is necessary that you “opt-in” to the payment of ATM withdrawals and debit card transactions that would result in your account being overdrawn.

If you want Space Age to authorize and pay debit card transactions and ATM withdrawals in cases when the funds are not present in your account, you must opt-in by completing the E-Services Overdraft Privilege Authorization form (see link below).

Please note that if you do not opt-in, Space Age is required to deny all ATM withdrawals and debit card transactions if you do not have sufficient funds to cover them.

Checks and Automatic Bill Payments (ACH items)
This change does not affect the overdraft protection related to checks written on your account and automatic bill payments (ACH items). When creating the regulatory change, the Federal Reserve recognized that most consumers want overdraft protection to cover important bills, such as rent, mortgage, utilities, or other necessary purchases. As a result, checks and ACH items were excluded from the change.

What is Overdraft Privilege?
Overdraft Privilege is a service that allows us to pay an item presented against your share draft (checking) account even if it causes the account to become overdrawn. Overdraft Privilege may provide members in good standing with the ability to overdraw their share draft account up to $500 ($300 for Economy Checking and $700 for Premium Checking). The Overdraft Privilege limit includes any overdraft fees assessed. The current fee assessed for this service is $33 per item paid, which is the same amount as the non-sufficient funds fee charged when an item is returned. As of July 1, 2010 , we can only provide this service for checks and ACH items unless you opt in and authorize us to pay ATM withdrawals and debit card transactions.

Action Required If you would like Space Age to continue to authorize and pay overdrafts on debit card transactions and ATM withdrawals when adequate funds are not present, you must complete either the electronic version of the E-Services Overdraft Privilege Authorization Form or print the paper version of the Authorization form and mail it back to the Credit Union. You may also drop the paper form off at any Space Age branch or fax it to the Credit Union at 303.369.0876.

Please note that you have the option to opt-out of e-services portion of Overdraft Privilege (if you choose to opt-in initially), or the entire Overdraft Privilege Program as a whole, at any time. If you choose to do so, you may be subject to insufficient funds fees assessed by the Credit Union and returned item charges that may be charged by merchants.

If you need additional information, please call 303.369.7666 or 800.666.6928.