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YOU ARE HERE: Home » Account Services » Overdraft Privilege Program

Enjoy Peace of Mind with Overdraft Privilege

Ever worry that you didn’t have enough funds to cover a check you wrote? No matter how often you reconcile your account, you may occasionally miscalculate or simply run short. When your debit card is declined or a check has been returned unpaid to a retailer, loved one, friend or business associate it can be embarrassing. And, you may end up paying high penalties to the retailer for returned check charges.

Overdraft Peace of Mind Comes With Any of These Transactions:
Our standard Overdraft Privilege (ODP) practice is to pay checks, automatic bill payments and other transactions using your account number.

We will not authorize and pay overdrafts for automated teller machine (ATM) transactions and everyday debit card transactions unless you specifically elect this option.

With ODP, IU Credit Union may honor an overdraft transaction up to $600.

Who is Covered by Overdraft Privilege?
Overdraft Privilege is available to qualifying checking accounts. If your account qualifies and an ODP limit has been assigned to your account, you will receive a notice by mail. 

How Does Overdraft Privilege Work?
As long as your account remains in good standing, IU Credit Union will honor overdrafts up to the Overdraft Privilege limit on your account. An ODP fee, currently $30, will be deducted from your account for each overdraft transaction. 

When a check, electronic withdrawal, ATM transaction* or everyday debit card transaction* is made that exceeds the balance in your account, the item will be honored up to your ODP limit. This means that the merchant who received your check or debit transaction will be paid, or the amount of cash you requested from the ATM will be given to you. Your account will be overdrawn to cover the transaction and will be assessed the $30 ODP fee. You must bring your account balance positive within 45 days from the date of the first overdraft occurrence.

How is Overdraft Privilege Different Than Overdraft Protection?
The Credit Union has two options for overdraft protection. You can elect to use your regular, special or Christmas savings accounts under the same account number as your checking account for overdraft protection. A $3.00 fee will be assessed for each transfer from your savings account(s). We also offer a line of credit loan that you can apply for and designate as additional overdraft protection. You can apply at any branch or online.

Overdraft Privilege will only be used after you have exhausted the available funds in your other overdraft protection options.

The Choice is yours. Consider These Ways to Cover your Overdrafts:
Returned item due to overdraft: $30 IUCU fee + $30 merchant fee*

Ways to cover your overdrafts
Overdraft from regular savings
Overdraft from line of credit
Overdraft Privilege (ODP)
Cost for each overdraft
$3.00 fee per transfer
$0 fee + variable APR**
$30 per item paid

*The amount of the merchant fee, if applicable, may vary.
**Annual Percentage Rate.

What if I do not have ODP and would like to have the service on my account?
If you do not have ODP on your account and would like the coverage, please contact us at 812-855-7823 (option 9) or toll-free 888-855-6928 (option 9), or stop by any branch.

What if I do have Overdraft Privilege and I want IU Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call us at 812-855-7823 (option 9) or toll free 888-855-6928 (option 9) to opt-in over the phone, or

Click here to allow IUCU to pay overdrafts on ATM and everyday debit card transactions


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