Yes, Empower Federal Credit Union can pay overdrafts on your account, although this service is provided entirely at their discretion and is not guaranteed.
Understanding Empower's Overdraft Policy
Empower Federal Credit Union offers the possibility of covering transactions that exceed the available balance in your account. This means they may choose to pay a transaction even if you don't have sufficient funds, resulting in an overdraft.
Discretionary Overdraft Payments Explained
It's important to understand the discretionary nature of Empower's overdraft service:
- No Guarantee: Empower Federal Credit Union does not guarantee that they will always authorize and pay every type of transaction that would result in an overdraft. The decision to cover an overdraft is made on a case-by-case basis.
- Transaction Declined: If Empower chooses not to authorize and pay an overdraft, the transaction will be declined. In such cases, your account balance will not go into the negative, but the purchase or payment will simply not be completed.
What Happens When an Overdraft is Paid?
When Empower Federal Credit Union does exercise its discretion to pay an overdraft, the transaction will be completed successfully. Financial institutions typically charge fees for these types of services when an overdraft is covered. While specific fees are determined by Empower, charges would apply if they pay an overdraft on your behalf.
For the most precise and current information regarding overdraft services, including any associated fees and details on how to opt-in or out of such services, it is recommended to review the official documentation provided by Empower Federal Credit Union, such as their Overdraft Services and Fees disclosures.
| Aspect | Description |
|---|---|
| Overdraft Payment | Possible; Empower Federal Credit Union can pay overdrafts. |
| Guarantee | Overdraft payments are at their discretion, meaning they are not guaranteed for all transactions. |
| If Not Paid | If Empower chooses not to pay an overdraft, the transaction will be declined. |
| Fees | If an overdraft is paid, associated fees will likely be charged. |
| Opt-In | Overdraft protection services often require account holders to opt-in, giving their consent for the institution to cover transactions that exceed their balance, typically for a fee. |
This discretionary policy emphasizes the importance of diligent account management to prevent declined transactions and potential fees.
