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Overdraft Protection and Privilege Pay

With Amplify's overdraft protection and privilege pay plans, you'll never need to worry about your account balance.

Written By Matthew Monagle (Member Support)

Updated at February 10th, 2020

Worried you might overdraw your checking account? With Amplify Credit Union's Overdraft Protection and Privilege Pay programs, you will never need to worry about having a transaction denied due to non-sufficient funds. In this section, we'll explain how both Overdraft Protection and Privilege Pay work for Amplify members and how to update your enrollment information for each.

Key Takeaways:

  • Overdraft Protection uses the funds from another account to cover transactions that exceed your available checking account balance. 
  • Privilege Pay will ensure that transactions are completed, regardless of your available account balances, for a small fee.
  • You may opt-in/out of Privilege Pay at any time by calling us at (512) 836-5901

What Are Overdraft Protection and Privilege Pay?

Amplify's overdraft protection and privilege pay programs allow you to avoid having denied transactions due to non-sufficient funds. Overdraft protection will automatically transfer funds if the available balance on your checking account is insufficient to cover a transaction. Privilege pay will ensure that checking account transactions are completed, regardless of account balance, for a small fee. Either feature adds an extra layer of security for people worried about an accidental overdraw and not being able to complete their transactions.

Amplify members are automatically enrolled in our Privilege Pay program for certain types of transactions. You will have the ability to review and opt out of these programs by calling our contact center at (512) 836-5901. Please note that you will need to opt-in to Privilege Pay for debit card transactions, as debit cards are not part of automatically Privilege Pay enrollment.

How Does Overdraft Protection Work?

When you open an Amplify Credit Union checking account, your existing savings account is automatically enrolled as the designated account for Overdraft Protection. This means that our system will automatically transfer funds, up to an approved limit, from your savings account to your checking account to avoid a declined transaction. You also have the choice of designating another checking account, savings account, or personal line of credit as a backup Overdraft Protection account.

In the case of checking and savings accounts, each Overdraft Protection transfer will include a $5.00 transfer fee. Transfers from personal lines of credit are free, but you will begin to accrue interest on the transfer amount as soon as it is completed. 

Let's say that you have a direct deposit set up, but that an unexpected transaction causes your account balance to drop below zero. With Overdraft Protection, you will pay a small transfer fee - or no fee at all in the case of personal lines of credit - instead of a costly NSF fee.

If you would like to sign up for Overdraft Protection, talk to an Amplify representative at any of our Central Texas branches or call our contact center (512) 836-5901.

How Does Privilege Pay Work?

Privilege Pay is a unique program offered by Amplify that ensures you have money to cover your expenses despite available account balances. Privilege Pay allows you to overdraw your account to pay transactions for which you do not have available funds, up to a certain approved limit determined by Amplify. Each Privilege Pay transaction costs $30.00, and you must bring your account to a positive status as soon as possible.

Amplify authorizes Privilege Pay for the following types of transactions :

  • Share drafts (checks written off the account)
  • Automatic bill payments
  • Recurring debit card payments
  • ACH transactions

Amplify will not authorize Privilege Pay for the following transactions unless you opt-in to Debit Card Privilege Pay:

  • Everyday debit card transactions
  • ATM transactions

If you would like to review your Privilege Pay settings or enroll in Debit Card Privilege Pay, please contact our help center at (512) 836-5901.

You can fill out the Privilege Pay Consent Form at the link above and email or fax it back to us. You can also complete the request over the phone by calling our contact center at (512) 836-5901.

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