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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:
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?
How Does Overdraft Privilege Work?
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?
Overdraft Privilege will only be used after you have exhausted the available funds in your other overdraft protection options.
What if I do not have ODP and would like to have the service on my account?
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?