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 two different ways:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to another account or line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices 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.

We will not authorize and pay overdrafts for the following types of transactions without your consent:

  • 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 Coastal1 Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $35 each time we pay an overdraft.

ATM and Everyday Debit Card Overdrafts                               All Other Overdrafts

Transaction Amount                      Fee                                       Transaction Amount          Fee

$.01 - $5                                          $7.50                                   Any amount                        $35.00

$5.01 - $10                                     $17.50

$10.01 - $15                                   $27.50

$15.01+                                          $35.00

  • There is a limit of 6 Overdraft and Return Item Fees per day that we will charge. 

What if I want Coastal1 Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, complete the form below and press the Submit button, call (401) 722-2212 or toll free at (800) 298-2212, send us a secure message from online banking or visit any branch. You can revoke your authorization for Coastal1 Credit Union to pay these overdrafts at any time by any of the above methods or by mailing us a revocation request to Attn: Operations Dept, 1200 Central Ave., Pawtucket, RI 02861. Your revocation must include both your name and the last 4 digits of your account number so that we can properly identify your account.