The choice is yours. Consider these ways to cover overdrafts:
|Link to a deposit account you have at Desert Schools1||$5 fee per transfer|
|Overdraft Protection Line of Credit1 2||$5 transfer fee + interest|
|Courtesy Overdraft Coverage (Privilege Pay)||$35 overdraft fee|
1Contact our Member Assistance Center at 602-433-7000, or come by a branch to sign up or apply for these services.
2Subject to credit approval.
Overdraft Protection services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account or line of credit you may have at Desert Schools for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
Privilege Pay is a courtesy overdraft coverage that allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.
Desert Schools may provide you a specific Privilege Pay limit depending on the type of account you have. You will receive a letter approximately 30 days after account opening, for consumer accounts, or after 60 days, for business accounts, informing you that Privilege Pay has been activated on your account. You do not have Privilege Pay until you receive this notification.
Even if you have Overdraft Protection as described above, Privilege Pay is still available as secondary coverage if the other protection sources are exhausted.
Please be aware that the Privilege Pay amount is not included in your balance provided through online banking, mobile banking, telephone banking or Desert Schools ATMs.
The types of transactions covered by Privilege Pay depend on the coverage selected. See the chart to the right for more information.
If you choose Full Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and every day debit card transactions. Desert Schools will not authorize overdrafts for ATM withdrawals and every day debit card transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing Full Coverage*. Business accounts automatically have Full Coverage*.
||Standard Coverage (No action required)||Full Coverage (Your consent required*)|
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Online Banking Transfers||X||X|
|Everyday Debit Card Purchases||
There is no fee for having Privilege Pay unless you use it. The Overdraft fee of $35 per transaction will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM withdrawals, or by other electronic means. If multiple items would overdraw your account on the same day, each item would be assessed the appropriate fee. This is the same fee that Desert Schools charges for items returned to the payee due to insufficient funds.
For consumer accounts, there is a maximum of five (5) Overdraft fees ($175) per processing day that will be charged. Desert Schools will not charge an overdraft fee if a consumer account is overdrawn by $5 or less. These exceptions do not apply to business accounts.
All fees and charges will be included as part of the Privilege Pay limit amount. Your account may become overdrawn in excess of the Privilege Pay limit amount as a result of the assessment of a fee. The total negative balance, including all fees and charges, is due and payable upon demand. All owners of an account will be jointly and severally liable for all such amounts as described in the Statement of Terms, Conditions and Disclosures.
You can request to discontinue the Privilege Pay service in its entirety at any time by contacting our Member Assistance Center at 602-433-7000. Without Privilege Pay, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Overdraft Protection available to cover the item(s). You will be charged the standard NSF fee of $35 for all returned items.
If you want Desert Schools to authorize and pay overdrafts caused by ATM withdrawals and everyday debit card transactions (Full Coverage), tell Desert Schools by using one of the following methods:
NOTE: Business accounts automatically have access to Privilege Pay for ATM withdrawals and everyday debit card transactions (Full Coverage).