March 29th, 2020

Overdraft Privilege Protection


Covered When You Need It

Get that additional protection with Overdraft Privilege, included with your Cornerstone checking account.  With Overdraft Privilege, once you’ve exhausted any other overdraft protections such as Premier Line of Credit, you’ll be covered up to a preset limit based on the checking account you’ve selected.  You pay only our standard NSF (insufficient funds) fee for each item. You’ll avoid the inconvenience of a returned check – and save the merchant fees commonly assessed on returned checks.

Important Disclosures About Overdraft Privilege Protection

This service is offered as an additional benefit of having your checking with Cornerstone Financial Credit Union. Based on eligibility, an amount of up to $1,000 will be available to help satisfy any overdrafts you may incur. Should an overdraft occur, such as checks you write, in-person withdrawals, ATM withdrawals or other electronic means, we can – at Cornerstone Financial Credit Union’s discretion – elect to cover your overdraft as outlined in the Discretionary Overdraft Privilege Policy. Your account will be charged the standard NSF fee of $35 for handling each item paid using Overdraft Privilege, after any additional overdraft protections, such as our Line of Credit, have been exhausted. When these overdraft items are paid, Overdraft Privilege saves you the embarrassment and inconvenience of a returned item as well as additional merchant fees for those returned items. Overdrafts, including fees, must be repaid within 30 days from the date of occurrence. Please be aware that this notice does not constitute a written agreement of an obligation or a prearranged agreement for Cornerstone Financial Credit Union to pay your overdrafts, and we may withdraw this privilege at any time. We are pleased to provide this courtesy and trust it conveys our appreciation for your doing business with us.