What You Need To Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with qualifying accounts.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- Recurring debit card transactions
We do not authorize and pay overdrafts for the following types of transactions:
- ATM transactions
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Heritage Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $28.00 each time we pay an overdraft.
- Also, if your account is overdrawn for 8 or more consecutive business days, we will charge an additional $3.00 per day, up to 20 days or until your account becomes current.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Heritage Federal Credit Union to authorize and pay overdrafts on my everyday debit card transactions?
Can I revoke my authorization in the future?
Yes, you may revoke your prior consent at any time by completing the information below and submitting the online form. You may also call 812-253-6928, Option 1, or stop by any branch location. Once authorization is revoked, any future items may be returned or denied.