As an additional form of overdraft protection, Founders Privilege may pay up to $500 in overdrawn transactions on your Checking Account without declining your checks, ACH debits or Founders Debit Card purchases. This benefit may save you from the embarrassment and hassles of returned items. If you have overdraft protection with us already, either by linking your Checking Account to one of your Founders Savings Account(s), Home Equity Line of Credit or Personal Line of Credit, your current overdraft sequence will remain in place, so Founders Privilege may not be needed.

  • How much does Founders Privilege cost?

    While you could automatically qualify for Founders Privilege, there are fees if it is used. With Founders Privilege, you could incur a $32.00 Overdraft Fee (Paid NSF) per item if the resulting overdrawn transaction is greater than $3.00. There is NO Founders Privilege Fee per item if the resulting overdrawn transaction is $3.00 or less. The maximum daily fee amount is $160 per suffix.

  • When would Founders Privilege be utilized on my account?

    We generally cover your items that will not take your available account balance more than $500.00 negative including applicable fees.

  • What transactions are covered by Founders Privilege?

    Founders Privilege can be used to cover your checks, individually authorized ACH transactions and recurring ACH transactions. It can also be used to pay your one time/every day Debit Card transactions if you have authorized us to pay these transactions in a separate agreement.

  • What transactions are not covered by Founders Privilege?

    ATM and teller transactions like cash withdrawals or the purchase of a negotiable instrument are not covered by Founders Privilege.

  • What accounts are not eligible for Founders Privilege?

    Some accounts are not eligible for Founders Privilege. These include Savings Accounts, Money Market Plus Accounts, Business Accounts, Fiduciary Accounts, Organizational Accounts, Public Funded Checking Accounts, member accounts under 18 years of age and accounts of members with loans greater than 30 days delinquent.

  • What are other options for overdraft protection?

    Founders offers other overdraft protection options and we encourage you to review all before making the decision to use one of these services.

    Overdraft Protection Transfer

    • If you have other accounts with Founders, you can authorize us to set up an automatic transfer to move the funds needed to cover your overdraft. Call 1-800-845-1614 or visit one of our convenient offices to add this to your account.

    Optional Personal Line of Credit or Home Equity Line of Credit Transfer

    • Use your Personal Line of Credit or Home Equity Line of Credit to cover overdrafts. Apply for your Personal Line of Credit or Home Equity Line of Credit within Founders Online or at an office near you. If you already have a Personal Line of Credit or Home Equity Line of Credit, call 1-800-845-1614 or visit an office near you to have this added as Overdraft Protection.

  • How do I qualify for Founders Privilege?

    There is no application process for Founders Privilege. Eligibility is decided by Founders and based on you managing your Checking Account in a responsible manner.

  • Can Founders Privilege be taken away from me?

    Yes, Founders Privilege may be suspended or permanently removed at our discretion. Reasons may include but are not limited to:

    • Your account was not brought to a positive balance within 30 days of becoming overdrawn.
    • Your account type is not eligible.
    • Your Founders Loan is more than 30 days past due or delinquent on any other obligations to the Credit Union.
    • Your account has been modified through troubled debt restructuring.
    • You are subject to any legal or administrative orders or levies, or you are currently a party in a bankruptcy proceeding.
    • You are the primary account owner and under 18 years old.
    • Your account is classified as inactive or dormant.
    • You have an unresolved prior loss with the Credit Union.
    • We believe you are managing your account in an irresponsible manner which may harm you or us.

  • What if I have Founders Privilege and I want Founders to authorize and pay overdrafts on one time Debit Card transactions?

    Please call 1-800-845-1614 or visit a Financial Services Representative at an office near you to Opt-In to the Founders Overdraft Protection Program or log in to Founders Online to complete the Overdraft Protection Enrollment Form.

  • What if I don't want Founders Privilege?

    Though you may never need to take advantage of Founders Privilege, you may find it useful in the event of a temporary financial shortfall. If you do not want to take advantage of Founders Privilege, please call 1-800-845-1614 or visit a Financial Services Representative at any of our offices to remove this benefit from your account. You can also un-enroll in Founders Privilege in Founders Online.

  • Why is Founders Privilege a benefit to your Checking Account?

    With Founders Privilege, you’ll enjoy the added convenience of knowing your checks, ACH debits or Founders Debit Card transactions will clear, even if your account happens to go negative. We understand some things happen outside of your control – maybe a deposit you were expecting was delayed, or you just made an honest mistake in balancing your checkbook – and Founders Privilege pays for transactions if those situations or others occur and your account doesn’t have enough funds to cover your transactions. Founders Privilege can help you at times which you could be left embarrassed at the checkout line and without the items you need.

Click here for Founders Privilege Disclosure.