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Discretionary Overdraft Privilege Policy

It is the policy of Platinum Federal Credit Union to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards. The Membership Account Agreement and Disclosure 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 Platinum Federal Credit Union with regard to your checking account. The Membership Account Agreement (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 Membership Account Agreement and Disclosure. A copy of the Membership Account Agreement and Disclosure is available to you on request from a Platinum Federal Credit Union representative.

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. Platinum 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 Platinum Federal Credit Union of an overdraft check (or items, such as a ACH Debit) does not obligate Platinum 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 Platinum Federal Credit Union’s commitment to always provide you with the best level of service, now and in the future, if your checking account has been open for at least thirty (30) days and thereafter you maintain your account in good standing, which includes at least:

A) Bringing your account to a positive balance 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 Platinum Federal Credit Union
C) Not being subject to any legal or administrative order or levy

Platinum Federal Credit Union will have the discretion to pay overdrafts within the overdraft privilege limits. Payment by Platinum Federal Credit Union is a discretionary courtesy and not a right of the accountholder or an obligation of Platinum Federal Credit Union. Business members will be required to fill out an application to request overdraft privilege and submit tax returns and other documents which will help PFCU credit committee to approve a defined overdraft privilege limit. This privilege for personal checking accounts will generally be limited to a maximum of $500 (up to $10,000 for retail businesses and up to $50,000 for wholesale businesses) 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 membership account agreement and disclosure), will be included as part of this maximum amount. It may be possible that your account will become overdrawn in excess of the overdraft privilege amount as a result of the assessment of a fee.

The total of the discretionary Overdraft Privilege (negative) balance, which includes 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 Membership Account Agreement and Disclosure. Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may impact the total amount of fees incurred.

While Platinum 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 accountholder or an obligation of Platinum Federal Credit Union and Platinum Federal Credit Union in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.

Platinum Federal Credit Union will not pay overdrafts for ATM or everyday debit card transactions after August 15, 2010 unless Platinum Federal Credit Union has provided you with the notice required by section 205.17(b) of Regulation E and you have opted in to the payment of these overdrafts. In order to avoid overdrafts due to ATM and everyday debit card transactions, Platinum Federal Credit Union will place a hold on your account for any ATM or everyday debit card transaction authorized until the transaction settles. ATM and everyday debit card transactions usually settle within three business days after the transaction is authorized. The amount of the hold will be for the amount authorized, or as permitted under applicable payment network rules. Holds on authorized ATM and everyday debit card transactions will be removed prior to settlement where required by applicable payment network rules.

In addition, you may opt out of the Overdraft Privilege services for check, ACH and debit card bill payment transactions at any time by contacting one of our Member Service Representatives.

Account Access: Access your accounts at PFCU 24 hours a day with Home Banking.

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