Explanation of Overdraft Coverage
Opting In for Overdraft Coverage
Velocity will not pay your overdrafts for ATM withdrawals or debit card purchases you make at a store, online, or by telephone, UNLESS you tell us you want overdraft coverage for these transactions (opt in).
Even if you do not request overdraft coverage for ATM withdrawals and debit card purchases, we may still pay your overdrafts for other types of transactions, including checks.
Having overdraft coverage does not guarantee that we will pay your overdrafts. If it is determined that Velocity will cover an overdraft, you will be charged fees as described below.
Overdraft coverage differs from other overdraft services we offer, such as linking your account to another account with us or an overdraft line of credit. See below for more information.
- We will charge you a fee of $30.00 each time we pay an overdraft.
- There is a limit of 10 fees per day we will charge you for overdrawing your account.
The time period within which you must repay or cover any overdraft to prevent further action is within 15 calendar days.
Other Ways We Can Cover Your Overdrafts
We offer other ways of covering your overdrafts that may be less expensive, such as linking your account to another account with us or an overdraft line of credit.