For Checking Accounts
| Service | Cost |
|---|---|
| Overdraft Protection linked to your Regular Share account at ISU Federal Credit Union (automatic service) | $3 fee per transfer |
| Overdraft Protection Line of Credit (1, 2) | Subject to fees + interest |
| Overdraft Privilege Standard (3) | $30 overdraft fee per item presented* |
| Overdraft Privilege Extended Coverage (1) | $30 overdraft fee per item presented* |
1. Call us at (812) 234-1021, email us at info@isucreditunion.com or come by our office at 444 N 3rd Street, Terre Haute, IN to sign up or apply for these services. 2. Subject to credit approval. 3. Automatic enrollment for eligible accounts.
*Per item presented means each time an item is presented, including re-presentment.
Overdraft Protection
Overdraft Protection services may help prevent overdrafts by automatically transferring funds to your checking account from your Regular Share Account for a fee or, if applicable, from an Overdraft Protection Line of Credit for a fee and finance charge(s). Please note that overdraft lines of credit are subject to credit approval.
Overdraft Privilege
With our busy lives, it’s easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds.
Indiana State University Federal Credit Union (ISU FCU, we, us) has the solution you’re looking for with our Overdraft Privilege Program. Overdraft Privilege is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to your Overdraft Privilege limit.
ISU FCU will not pay overdrafts for ATM or everyday debit card transactions unless you have given your consent by opting into Extended Coverage for the payment of these overdrafts. To extend your Overdraft Privilege to pay ATM withdrawals and everyday debit card transactions, please contact us at (812) 234-1021 or info@isucreditunion.com.
What Is Overdraft Privilege?
Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. ISU FCU may provide new consumer checking accounts with a $100 Overdraft Privilege limit for eligible checking accounts on the next business day after account opening (for members 18 years of age and above). If your membership remains in good standing for 30 days, this limit may be increased up to $750. You will receive a letter informing you if the Overdraft Privilege limit has been increased on your account. If you have existing Overdraft Protection from your Regular Share or a linked Overdraft Line of Credit, we will access those funds prior to using your Overdraft Privilege to pay items. Please be aware that the Overdraft Privilege amount is not included in your balance provided through CUOnline account access, Touch-Tone Teller, or ATMs.
How much does Overdraft Privilege cost?
Accounts will be charged an Overdraft Privilege fee of $30 for each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid, and a $30 Returned Item fee for items returned. All fees and charges will be included as part of the Overdraft Privilege limit amount. An overdrawn balance must be repaid within 32 days. We may not pay items using Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours if you default on any loan or other obligation to ISU FCU or if your account is subject to any legal or administrative order or levy.
What types of transactions does Overdraft Privilege cover?
The types of transactions covered by Overdraft Privilege depend on the coverage selected.
| Transaction | Standard Coverage (no action required) |
Extended Coverage (your consent required^) |
|---|---|---|
| Checks | Covered | Covered |
| ACH - Auto Debits | Covered | Covered |
| Recurring Debit Card Transactions | Covered | Covered |
| Online Bill Pay Items | Covered | Covered |
| At the Teller Window (excluding Shared Branch transactions) | Covered | Covered |
| ATM Withdrawals | Not Covered | Covered (Consent Required)^ |
| Everyday Debit Card Transactions | Not Covered | Covered (Consent Required)^ |
^If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. We will not authorize overdrafts for everyday debit card and ATM transactions on consumer checking accounts unless you give us your consent to pay these overdrafts by electing Extended Coverage.
If an item is returned because the available balance in your checking account is not sufficient to cover the item and the item is presented for payment again, ISU FCU may charge a NSF Returned Item fee each time we return an item. We may charge you more than one fee for any given item as a result of a returned item and representment of the same item, which is outside of our control. When we charge a NSF Returned Item fee, the charge reduces the available balance in your account and may put your account into (or further into) overdraft. If, on representment of the item, the available balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge an Overdraft Privilege fee. We may use the terms “item” and “transaction” interchangeably.
You may request to discontinue the Overdraft Extended Coverage or Overdraft Privilege service in its entirety at any time by contacting us at (812) 234-1021, sending us an e-mail at info@isucreditunion.com or mail your request to us at 444 N 3rd St, Terre Haute, IN 47807.
Full disclosure of our overdraft service options is available upon request.