Student Checking FAQ
- Q: Does Debit Card Overdraft Privilege affect my automatic or recurring debit card payments?
A: No. The service does not impact recurring debit card transactions where you have pre-authorized a merchant to pay your monthly utility bill or other bills with your debit card. Debit card transactions that are set up to pay automatically may continue to be authorized at our discretion, even if you do not add Debit Card Overdraft Privilege. Our standard overdraft policies and fees up to $30 would apply if the account is overdrawn.
- Q: When do debit card transactions post to my account?
A: The Credit Union posts a debit card transaction when the merchant submits the transaction to the bank for payment. In most instances the Credit Union will place a temporary hold for the amount of the debit card transaction when it is authorized and most transactions post within one to two business days.
- Q: If I don’t add Debit Card Overdraft Privilege to my account, will everyday debit card transactions ever create an overdraft?
A: Yes. It is possible for debit card transactions to create an overdraft even if you don’t add Debit Card Overdraft Privilege. Texas Trust will typically only approve your transaction if you have enough money in your account at the time of the transaction. However, we may not receive the final transaction for payment until later, when you may not have enough money in your account.
In these circumstances:
- Texas Trust must pay the transaction if we have provided authorization (approval) to the merchant.
- An overdraft may occur (based on available funds) resulting in a negative balance that you must repay.
- No fee will be assessed for this type of overdraft.
- Q: How do I decide if this service is right for me?
A: Debit Card Overdraft Privilege may be right for you if you:
- Prefer to have your ATM or everyday debit card transaction approved even if you don’t have enough money in your account at the time of the transaction.
- Manage your money well but prefer a "backup" for an occasional/inadvertent overdraft.
- May not always have enough money in your linked Overdraft Protection accounts or you don’t have any accounts to link for Overdraft Protection.
- Have multiple signers on your account who may be making purchases or writing checks — which may make it a challenge to keep track of your account balance.
- Do not typically carry multiple forms of payment (e.g., credit cards, checks, or cash) to complete a purchase if your debit card is declined.
Texas Trust offers a variety of services that can help you manage the balance in your accounts and avoid debit card declines. We encourage you to consider our free and lower-cost services first. Debit Card Overdraft Privilege is an optional service that you can choose to add or remove from your checking account at any time. The approval and payment of any transaction into overdraft remains a discretionary decision of Texas Trust. If you add this service, our standard overdraft fees (up to $30 per item) could apply.
- Q: What is "Student-Minded Overdraft Privilege"?
Student Checking comes with "Student-Minded Overdraft Privilege" which comes with a lowered, tiered fee structure as compared to Texas Trust's Standard Overdraft Privilege. For every transaction that utilized Overdraft Privilege that is a total of less than $10, a $10 fee will be assessed. For every transaction that utilizes Overdraft Privilege that is a total of $10 or more, a $20 fee will be assessed. This is compared to a $30 fee on the Standard Texas Trust Overdraft Privilege offered on other checking accounts. The total limit is $100.
- Q: How do I order/reorder checks?
A: Deluxe is our preferred check printer. You will be securely transferred to their check ordering website.
Click Here to Order/Reorder Your Deluxe Checks.
- Q: How much does it cost?
A: There is no service fee with eStatements*.
- Q: What ages qualify for Student Checking?
A: Members between 13 and 23 are eligible for Student Checking. Upon turning 24, member will be converted to a Bonus Checking account.
- Q: Do I need to parent to open a Student Checking account?
A: Yes. Until age 18, you must bring a parent or legal guardian to open a Student Checking account.
- Q: Is there a minimum balance required to open a Student Checking account?
A: No, there is no minimum balance required for a Student Checking account.