Member Privilege

LCFCU will not be able to authorize and pay overdrafts on your ATM and everyday debit card transactions unless you provide consent for us to do so. Everyday debit card transactions include one-time purchases at grocery stores, restaurants, gas stations and other merchants as well as one-time payments or purchases online or by phone. See complete details about What You Need to Know About Overdrafts and Overdraft Fees below.

While you may never need it, Opting In allows LCFCU to pay a transaction in the event of an unexpected emergency or expense, or even a simple reconcilement error.

Please print a copy of this form for your records before clicking "Submit below." If you Opt-In for overdraft services on your ATM and debit card transactions, we will send you a written confirmation of your selection by mail.

Thank you for choosing LCFCU as your full service financial institution.

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What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in three different ways:

1. We have standard overdraft services (Member Privilege) that come with your account.
2. We also offer other overdraft protection plans, such as a link to a savings account or MAXline-of-credit, which may be less expensive than our standard overdraft service. To learn more, ask us about these plans.

This information explains our standard overdraft services.

• What are the standard overdraft services (Member Privilege) that come with my account?

  We do authorize and pay overdrafts* for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

  LCFCU will not authorize and pay overdrafts for the following types of transactions unless you authorize us to:

  • ATM transactions
  • Everyday debit card transactions

  *We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

• What fees will I be charged if LCFCU pays my overdraft?

  Under our standard overdraft service:

  • We will charge you a fee of $28 each time we pay an overdraft.
  • There is no limit on the total fees we can charge you for overdrawing your account.
  • The standard overdraft service fee will not be charged to any account that is overdrawn $10.00 or less.
  
  

• What if I want LCFCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?

  If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, submit this online form, call us at (800) 325-2328, email us at [email protected], fax us at (202) 707-6418, stop by in person or write to us at:

  Library of Congress FCU
  Attn: Opt-In
  8100 Professional Place, Suite 308
  Hyattsville, MD 20785-2229

If you have any questions about any of our overdraft options, please call us at (202) 707-5852 / (800) 325-2328 or stop by our Madison Office.