It is the policy of Armstrong Associates FCU to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Membership and Account Agreement, Truth-in-Savings Disclosure and Funds Availability Policy Disclosure provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the Authorized Signatories and Armstrong Associates FCU with regard to your share draft account. The Membership and Account Agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Overdraft Privilege Policy and the Membership and Account Agreement and Disclosure. A copy of the Membership and Account Agreement and Disclosure is available to you on request from Armstrong Associates FCU.
Overdraft privilege is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to the limit of your overdraft privilege and the amount of the overdraft fee. Armstrong Associates FCU is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by Armstrong Associates FCU of an overdraft share draft (or items, such as ATM withdrawals) does not obligate Armstrong Associates FCU to pay any other overdraft share draft (or item), or to provide prior notice of its decision to refuse to pay such share draft (or item).
Pursuant to Armstrong Associates FCU’s commitment to always provide you with the best level of service, now and in the future, if your share draft checking account (primarily used for personal and household purposes) has been open for at least thirty (30) days, and thereafter you maintain your account in good standing, which includes at least:
A) Bringing your account balance to a positive balance within every thirty (30) day period for a minimum period of 24 hours;
B) Not being in default on any loan or other obligation to Armstrong Associates FCU and
C) Not being subject to any legal or administrative order or levy
Armstrong Associates FCU will have the discretion to pay overdrafts within the overdraft privilege limits, but payment by Armstrong Associates FCU is a discretionary courtesy and not a right of the member or an obligation of Armstrong Associates FCU. This privilege for share draft accounts will generally be limited to a maximum of $300 overdraft (negative) balance. Of course, any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedules and Membership and Account Agreement and Disclosure), will be included as part of this maximum amount.
The total of the discretionary overdraft privilege (negative) balance, including any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Membership and Account Agreement and Disclosure with a maximum repayment period of 30 days.
Again, while Armstrong Associates FCU will have the discretion to pay overdrafts on accounts in good standing (as described above), any such payment is a discretionary courtesy, and not a right of the member or an obligation of Armstrong Associates FCU. Armstrong Associates FCU in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.
3/18/08