BayLands Federal Credit Union we do not encourage overdrafts.  As always, we encourage you to manage your finances responsibly.  However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned.

That is why we provide "Member Privilege®," as a special overdraft service for BayLands Federal Credit Union's members.

How does it work?

We are not obligated to pay any item presented for payment if your account does not contain sufficient funds; however, as long as you maintain your account in "good standing," we may approve your overdraft items within your current available Member Privilege limit as a non-contractual courtesy.

For overdraft privilege consideration, your account is in "good standing" if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days(including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Member Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account; and (4) there are no loan or Visa delinquencies.

How quickly must I repay my Member Privilege?

You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days.  If you are not able to do so, you will receive a letter informing you that your Overdraft Privilege (ODP) limit has been suspended and additional items will be returned.

How soon can I use my Member Privilege?

If you are a new account holder, you may be able to use the overdraft privilege service 90 days after the account is opened, assuming your account is in "good standing" as defined in this brochure.

What if I do not want to have Member Privilege on my share draft account?

If you would like to have this service removed from your account, please call (804 843-2520 or (888) 843-2520.