What is Privilege Pay Overdraft Protection?
Privilege Pay Overdraft Protection is an enhanced Member service benefit that is available for Members to use when needed. For example, if you inadvertently overdraw your checking account, this program permits Members who meet eligibility requirements to take their account into a negative balance. We will pay the check, ACH or online bill payment that caused your checking account to overdraw, up to your limit, and charge you an NSF fee. This service does not include ATM and teller withdrawals. You get your check paid and save any embarrassment or charge from the merchant or person to whom you wrote the check. This privilege is designed as a courtesy to Members and Dade County Federal has the right to amend or suspend this offer at any time.

Will Dade County Federal Still Use My Share Account to Cover Overdrafts?
Yes. The first option used to cover an overdraft is to take available funds from your share account. If share account funds are not available, we will then use your line of credit, if you have one, to cover the overdraft. Then, and only then, will Privilege Pay be initiated.

How Do I Qualify for Privilege Pay?
Your checking account must be open and in good standing for 90 days, have no derogatory information on CHEX Systems, and all Dade County Federal loans be paid current.

How Much Protection Does Privilege Pay Overdraft Protection Offer?
We offer qualifying Members either a $200 or $400 limit for checks, ACHs, signature based debit card transactions or online bill payment(s). Members with direct deposit may receive $400 of coverage, while all other qualified Members may receive $200 in coverage. This dollar limit includes any and all NSF fees. For example: if your overdraft limit is $200 and your checking account available balance is $50, and a check is presented for $75 under the Privilege Pay program, we would pay the check and assess an NSF fee. However, if your available balance is $50 and a check is presented for $350, it will be returned because the check amount plus the NSF fee would exceed your privilege pay limit. Please remember that your dollar limit must include any and all fees.

Do I Pay a Fee for Using this Benefit?
Yes, an NSF fee of $29 will be applied for each check, ACH, signature based debit card transactions or online bill payment paid by Privilege Pay Overdraft Protection.

Will I Receive A Notice that Privilege Pay Overdraft Protection Was Used?
Yes. Upon use, you will receive a notice informing you of each check/ACH/online bill payment/ signature based debit card transactions that was paid and the applicable fee(s).

Are There Other Overdraft Options Offered at Dade County Federal?
Yes. We offer a line of credit that can be utilized as overdraft protection.

Can I Have a Line of Credit and Privilege Pay On My Account?
Yes, Members wanting extra overdraft protection may utilize both service benefits. Privilege Pay will only be used if the line of credit limit has been exceeded and all available share account funds have been used.

Discretionary Privilege Pay Policy