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Overdraft Protection

Overdraft Protection and Overdraft Privilege


Life happens! IU Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.


Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection (a transfer from a savings account under the same account number)1 $3 fee per transfer
Overdraft Protection Line of Credit1,2 Subject to interest
Overdraft Privilege Standard or Extended Coverage $30 Overdraft Privilege (ODP) Fee per item presented*

1Please contact a representative at 812-855-7823 or 888-855-6928, stop by any branch, or send us a secure message through Online or Mobile Banking to sign up or apply for these services; 2Subject to credit approval.

*Per item presented means each time an item is presented, including re-presentment


OVERDRAFT PROTECTION applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from a savings account or line of credit loan under the same account number for a fee or finance charge. Please note that lines of credit are subject to credit approval.

OVERDRAFT PRIVILEGE allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please read the What Else You Should Know section below, for other important information.


Transactions Covered with Overdraft Privilege
Standard Coverage (No Action Required)
Extended Coverage (Your consent required)**
Checks
ACH - Automatic Debits
Recurring Debit Card Payments
Online Bill Pay Items
Withdrawals Performed by an IUCU Employee
ATM Transactions
 
**
Everyday Debit Card Transactions
 
**

**If you choose Extended Coverage on your account, ATM transactions and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Overdraft Privilege Extended Coverage, it is not necessary to request it again.


If you want to discontinue Overdraft Privilege in its entirety, please contact a representative at 812-855-7823 or 888-855-6928, stop by any branch, or send us a secure message through Online or Mobile Banking.


Extended Coverage Consent Form

 

WHAT ELSE YOU SHOULD KNOW – OVERDRAFT INFORMATION

Understanding your Available Balance: Your account has two kinds of balances – the Account Balance and the Available Balance. Please refer to the Membership & Account Agreement and Disclosures for a detailed explanation of Account Balance and Available Balance.

Understanding Overdraft Privilege Limits

If you have any questions about Overdraft Protection or Overdraft Privilege, please call a representative at 812-855-7823 or 888-855-6928, stop by any branch, or send a secure message through Online or Mobile Banking.

 

Have questions?

We're ready to help you!


Give us a call at 812-855-7823 or toll-free 888-855-6928.