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:

  1. We have standard overdraft practices that come with qualifying accounts.
  2. 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?

If you want us to authorize and pay overdrafts on everyday debit card transactions, complete the below online form. You may also call 812-253-6928, Option 1, or stop by any branch location.

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.

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If you have additional Accounts that you would like to Opt-In/Opt-Out of "ODT Plus" list them below:
Disclaimers
  1. Opt-In & Opt-Out requests submitted thought the Heritage Federal Credit Union website, may take up to five (5) business days to before your request is processed.
  2. You may Opt-In to “ODT Plus” at any time, but your everyday debit card purchases may not be covered unless your account qualifies for “ODT” and your account overdraft limits are not exceeded.
  3. There are overdraft dollar limits for “ODT” and “ODT Plus” that generally coincide with your checking type. For more information, call 812-253-6928, option 1 or stop by any branch location.
  4. Only one owner per account must Opt-In/Out for a consent to take place.
  5. “ODT Plus” Debit Card Overdraft Opt-In only applies to consumer accounts. All business accounts and transactions will be processed under the credit unions standard overdraft practices.
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