Overdraft One is a courtesy service that conveniently covers your checking account from unexpected expenses that cause overdrafts on your account. Overdrafts can occur when you do not have money available for unplanned ATM withdrawals, debit card and automated transactions (ACH) including automatic bill payments, or bounced checks. Effective October 1, 2016, Overdraft One replaces our former Overdraft Privilege Service.
You must opt-in if you would like to use Overdraft One to protect your Visa® Check Card transactions and ATM withdrawals from overdrafts. If you do not opt in your checking account will not be covered in case of emergencies and if you overdraw the money available in your account, you will be charged a $30 Non-Sufficient Fund (NSF) fee.
In order to qualify for Overdraft One your account must remain open for at least sixty (60) days, be in good standing, and have a valid physical address. You cannot be in default on any loan or other obligation to CommonWealth One and cannot be subject to any legal, administrative order, or levy. If your account qualifies for Overdraft One and you choose to opt-in, your account must be brought to a positive balance within every thirty (30) day period or you may be removed from the program.
We also offer overdraft protection plans that may be less expensive. The protection plans include:
Complete the Overdraft One form and return it via mail. You may also fax it to (703) 823-9065 or bring it to a branch.
This is not a contractual agreement. Overdraft Privilege eligibility will continue to be at the discretion of CommonWealth One and can be revoked at any time. [If you exceed the Overdraft Privilege limit non-sufficient fund fees will be charged to your account accordingly]. Certain restrictions apply. Please contact a Member Service Representative for a copy of our policy or more details on this service.