Occasional checkbook reconciliation errors or unanticipated expenses can sometimes leave you with too little cash in your checking account. Having a check returned can be an embarrassing experience. Privileged Assurance is an overdraft benefit offered solely at the discretion of the Credit Union to members with various types of checking accounts.
For members 26 and older, no action is required on your part, however, you must sign a form to approve extended coverage for your one-time debit card and ATM transactions. Members age 18-25 must opt-in to the Program and to one-time debit card and ATM transaction coverage.
As long as you maintain your account(s) in good standing (checking account open at least 30 days/positive balance at least once every 35 days with no delinquent loans, legal or administrative orders or levies, and no fraudulent activity), The Tennessee Credit Union may honor overdrafts, allowing you to overdraw the account (including an overdraft charge for each item paid, equal to the normal Non-Sufficient Funds fee).
The Credit Union will notify you by mail when overdrafts occur. We will contact you periodically until you have brought the balance positive.
Participation in the Privileged Assurance program is strictly voluntary. If you do not wish to participate, you may complete a Privileged Assurance Removal form online or at your local branch, or give us a call at (800)-622-2535.
To download a PDF brochure, click here.
Privileged Assurance FAQs
Can I get Privileged Assurance on more than one account?
Yes, you may qualify for protection on all eligible accounts.
How do I know when I have accessed Privileged Assurance?
You will receive a notice in the mail each time an overdraft item is paid. The notice will show the debit transaction or check number, the amount, and the amount of the overdraft fee. You should subtract total fees from your checkbook balance.
What does Privileged Assurance cost?
Keep in mind that you will be charged an overdraft fee for each overdraft item paid. As noted above, you will need to subtract these fees from your account balance. (See Fee Schedule for all applicable fees.)
What if I go beyond the level of my Privileged Assurance Protection?
Overdrafts that would make your account overdrawn by more than $500 may result in unpaid check(s) or debit transactions. The normal Non-Sufficient Funds (NSF) fee will be charged per item and assessed to your account. A notice will be sent to advise you of our actions.
How quickly must I bring my account back to a positive balance?
You should make every effort to bring your account positive as quickly as possible. If you are unable to do so, you will receive a letter from TTCU informing you of the situation and your options. If, after 35 days, your account has not been brought to
a positive balance, services will be suspended. After 45 days, the checking account will be closed.
When I use TTCU’s electronic services to get my balance, is my Privileged Assurance benefit shown in the available balance?
No, the balance shown will not reflect any funds available through your Privileged Assurance benefit.