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Our story began over 90 years ago at Fox Tech High School, where ten teachers signed a charter to form San Antonio Teachers Credit Union.
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Firstmark Credit Union continually evaluates how we can better the lives of our members through high-value products and services. Our standard Overdraft Protection service is provided on all checking shares and allows us to pay checks, automatically drafted payments (ACH) and bill payments, regardless of the funds that exist in your account. With your permission, this valuable service can be extended to pay for everyday debit card items and ATM transactions.
Overdraft Protection helps avoid additional merchant fees, possible damage to your credit history, and any embarrassment that might result if a check or ACH transaction was returned, or a Debit or ATM transaction was declined.
Firstmark continually works to enhance the financial well-being of our members and provides many ways to help you avoid overdrawing your account. We offer free Online, Mobile and Text Banking so you can check your account balance every day in real-time, review payments made, view checks you’ve written, and transfer funds between your accounts.
Firstmark encourages you to manage your finances responsibly, but when necessary, Overdraft Protection can keep you covered. For more information about our Overdraft Protection service, please review the Frequently Asked Questions below or call 210.442.0100 to speak to a member service representative.
If, on any day, the balance in your deposit account is not sufficient to pay the full amount of a check, card transaction, or other item, plus any applicable fee that is presented to your account, an "overdraft" occurs. If we do not pay the check or item, we will return it unpaid and a return item fee may be imposed. If Firstmark pays a check or item that would overdraw the account, an overdraft fee may be imposed. It is best to keep track of your balances to avoid the inconvenience and expense of overdrafts and accompanying fees.
If you overdraw your account by a check, ACH electronic payment, online bill payment, ATM withdrawal or point-of-sale debit card transaction, Overdraft Protection may cover your transaction even though you do not have sufficient funds in your account. If Overdraft Protection is activated, your account will have a negative balance. You may incur a fee for each paid or approved transaction; however, you will not incur any merchant fees.
If your account is set up to with overdraft protection from a share or loan with Firstmark, we will access available funds from these sources before using your Overdraft Protection overdraw tolerance, up to the maximum allowed limit.
All members enrolled in the Overdraft Protection service will have a daily limit. While the limit is accurate to pay today’s overdraft items, it may change up or down the following day. For that reason, member limits are not disclosed. Limits are based on a number of factors including the age of the account, frequency and amount of deposits and other related account information. The account must also be in good standing, meaning the member is not in default on any share or loan with us or overdrawn on their checking account.
You do not have to sign up for Overdraft Protection to work for your paper checks, BillPay or electronic (ACH) items you originated from your checking account. However, you do have to "Opt-In" if you want the Overdraft Protection to apply to your everyday debit card transactions and ATM withdrawals by completing the Overdraft Protection Service Form.
To avoid fees, your account must have the adequate funds available at the time each transaction posts. If you have already accrued an overdraft, you must make a sufficient deposit to bring your account current to avoid additional fees. Review the Credit Union's funds availability policy to determine which deposits could become available to same day.
The simplest way to avoid overdrafts is to balance your checking account on a daily basis. Be sure to record fees and regular account charges and don't assume transactions will not post to your account for several days. You can also avoid overdrafts by signing up for online banking alerts to know when your account is reaching a certain balance.
Yes. Firstmark Credit Union will automatically transfer funds from your other checking or savings account(s) when transactions are presented that will overdraw your primary account.
We encourage you to maintain accurate records and practice good account management. This will help you avoid writing checks or drafts without sufficient funds and incurring the resulting fees.
The Costs Of Overdrafts At Firstmark Credit Union | Fees |
---|---|
Good Account Management | $0.00 |
Insufficient Funds Fee | $28/item |
Overdraft Protection Fee (overdraft courtesy) | $28/item |
It is important that you know your account balance to avoid fees. The Credit Union’s determination of an insufficient account balance is made at the time an item is presented to us, which may be later during the day than the time you conduct a transaction. We use two different methods for determining whether your balance has sufficient funds to pay a check or item.
A merchant’s outstanding debit card authorization request will not be reflected in the actual balance in your account. If, as a result, your actual balance falls below zero, then overdraft fees may be charged for a card transaction that post or clears your account. If funds are available at the time a transaction is authorized, these transactions will not accrue an overdraft fee when they post to your account. However, a debit card authorization when presented for payment may lead to overdraft fees in certain circumstances.
Example: Bob has a $100 actual balance and makes a $75 debit card purchase. His actual balance will not show the $75 outstanding debit card authorization. If he makes another debit card purchase or withdrawal of more than $25, an overdraft fee will be assessed for the second transaction. If Bob has opted into the Overdraft Protection for ATM and everyday debit card transaction, the Credit Union will cover the debit card transaction.
Example: Bob has a $200 actual balance and a $110 available balance due to a $90 outstanding debit card authorization. If he writes a check for $150 and this is presented, this will result in an overdraft. With the Overdraft Protection service, the Credit Union will cover the check transaction.
No. Some merchants, especially gas stations, hotels and sometimes restaurants, will preauthorize an amount that is higher or lower than the actual purchase amount. For example:
No. Some merchants will not send the final transaction through to us within the 72-hour time frame of the hold. In that case, the hold will drop off and funds will appear to be available again, however, the debit transaction still must clear your account. Unfortunately, we have no control over how quickly merchants process their transactions.
As a service to members in good standing and to help you avoid the fees that may be charged by third parties for "bad" checks, we will strive to pay, at our sole discretion, your reasonable overdrafts up to a dollar amount (inclusive of fees). A fee will be charged for each Overdraft Protection overdraft item or Insufficient Funds item as outlined in our fee schedule, and you are expected to bring your account to an immediate positive balance. The total fees you have paid for ODP items and NSF items (both paid and returned) for the current month and year-to-date will be on your monthly statement.
As always, we encourage you to manage your finances responsibly; however, as long as you maintain your account in good standing, we may, as a courtesy, strive to pay your overdrafts within your current available Overdraft Protection overdraft limit. However, we reserve the right to pay overdraft at our discretion. If you do not have sufficient funds, we return the item, and you will be assessed the $28/item Insufficient Funds Fee.
Eligibility and "Opt-In" requirements apply – overdraft protection funds (plus fees incurred for each transaction) must be paid back to the credit union within a 30-day period or the service will be suspended/revoked. Any accounts deemed not collectable at 60 days of being overdrawn will be closed.
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