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ADDENDUM to Existing Bank-Fund Staff Federal Credit Union Account Agreements and Disclosures
SafetyLink. This service permits a check or electronic payment (“ACH”) that may otherwise be returned for nonsufficient funds to clear against funds in a Credit Union account you designate. After you request this service, the Credit Union will link your checking account to the savings account you designate. SafetyLink accounts must be within the same member number as the checking account to be protected. When a check you have written or electronic payment you have authorized cannot clear against the funds available in your checking account (or existingLine of Credit/Reserve), funds will be transferred to your checking account. In the event there are nonsufficient funds available in the savings account you designated (or existing Line of Credit/Reserve), the check or electronic payment will be returned due to nonsufficient funds, and an “NSF” fee charged.
If you currently maintain a Line of Credit/Reserve, you should designate your preferred sequence for handling overdrafts. If no preference is provided, the default sequence will be SafetyLink first, then Line of Credit/Reserve.
Federal law limits the number of transfers that may be made by electronic means (e.g., via SafetyLink, Audio Response, and/or Online Banking), including automatic transfers from savings or money management accounts, to no more than six (6) transfers per calendar month or statement cycle of at least four (4) weeks.
Any SafetyLink transfer request in excess of those permitted will not be processed and the check will be returned due to nonsufficient funds if your Line of Credit/Reserve balance is also insufficient, and an NSF fee charged.
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