No Overdraft Fees

An overdraft happens when a transaction is made and you do not have enough money in your account to cover the transaction. Most financial institutions charge a fee to your account when this happens—but not PFCU.
 

There are two types of standard fees when you overdraft depending on whether or not the transaction is paid by your financial institution.

 

• Overdraft Fee: A fee charged when you make a transaction that exceeds your account's available balance but the financial institution pays the transaction.
• Non-Sufficient Funds Fee: A fee charged when you make a transaction that exceeds your account's available balance, the financial institution does not pay the transaction, and the transaction is returned.

 

These fees hurt our members, especially those individuals and families who are most vulnerable financially. We don’t think that is right, so we decided to do what we always do and put the financial needs of our members above all else.

By eliminating overdraft and non-sufficient funds fees, we’re putting almost $1 million annually back in our members’ pockets for the things that matter most.

Banks and credit unions have collected billions of dollars in overdraft fees from consumers every year. On average, most banks and credit unions charge $34 for each overdraft. Power Financial Credit Union was the first credit union in South Florida—and one of the few financial institutions nationally—to fully eliminate overdraft and non-sufficient funds fees.

If an overdraft happens and you qualify for overdraft protection, we will cover your transaction up to the designated overdraft protection limit so you can avoid the hassle and merchant fees of declined transactions.

If you do not qualify for overdraft protection or have opted out of overdraft protection, your transaction will be declined or returned.

Either way, we will NOT charge you a fee. Keep in mind though that depending on the type of transaction, the merchant may charge you a fee if the transaction is declined or returned.

Overdraft balances are due within 10 days. If the negative balance is not brought current within 10 days a fee of $10 will be assessed. If you do not want us to authorize and pay your overdrafts with overdraft protection, please contact us at 800-548-5465 to let us know.

Yes, if you want your debit card or ATM transaction to go through and not get declined when you overdraft. Consumer law states that you have to specifically let us know if you want coverage for ATM transactions or everyday debit card transactions. To enroll in Courtesy Pay Overdraft Protection click here.

Yes, but they are few and far between. Join our credit union with no overdraft fees and start saving today!