Electronic Funds Transfers

Federal Regulation E

Overdraft Opt In

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 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 a savings account, or overdraft lines of credit which may be less expensive 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

We do not authorize and pay overdrafts for VISA debit card transactions unless you ask us to. 
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 Cyprus Credit Union pays my overdraft? 
Under our standard overdraft practices we will charge you a fee of up to $25.00 each time we pay an overdraft. There is no limit on the total fees we can charge you for overdrawing your account.

What if I want Cyprus Credit Union to authorize and pay overdrafts on my VISA debit card transactions?
If you want us to authorize and pay overdrafts on VISA debit card transactions, please call 801.260.7600 option 0.

CHECKSWe may pay and charge an overdraft fee.
MONTHLY ELECTRONIC WITHDRAWALSWe may pay and charge an overdraft fee.
DEBIT TRANSACTIONWe may pay and charge an overdraft fee, if you opt in. We decline if you have not opted in.
ATM WITHDRAWALSWe may pay and charge an overdraft fee, if you opt in. We decline if you have not opted in.



Why should I Opt In?
You should Opt In if you want Cyprus Credit Union to approve one time debit card transactions even if they would incur an overdraft fee. This is the protection that is currently on your accounts. If you do not Opt In, these transactions will be declined.

If I already have an Overdraft Loan, does this still affect my account?
If you make a purchase with your debit card that exceeds the limit of your overdraft loan your transaction will be declined. If you Opt In we'll approve the transaction and charge a fee to your account.

Are there tools to help me manage my account?
We offer a variety of services to help you manage and monitor your accounts. Our Home Banking service allows you to access your account online 24/7. Our eNotify service is a great way to stay on top of your account. Get email or text notifications for balance updates, cleared checks and debit transactions and much more. Sign up in Home Banking.

You can also access your account anytime with our Voice Response phone banking system by calling 801.260.7999.

Can I Opt In once for all of my Cyprus Credit Union member numbers?
No, you must Opt In for each member number you own.

Home Banking

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The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial. These products and services are not credit union deposits, not credit union guaranteed, not insured by NCUA or any other government agency, and may lose value. Cyprus Credit Union is a separate entity and is not affiliated with LPL Financial.
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