Overdraft Protection

Overdraft Coverage Options

Service	Cost
Service Cost Overdraft Protection Link to Another Deposit Account within the same member number at Indiana State University Federal Credit Union* (regular share savings account S1)	$3 fee per transfer
Overdraft Protection Line of Credit**	Subject to fees + interest
Overdraft Privilege	$30 overdraft fee per item

**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 may have 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.

Indiana State University Federal Credit Union will not pay overdrafts for ATM or everyday debit card transactions unless you have given your consent by opting in to the payment of these overdrafts. To extend your Overdraft Privilege, 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. Indiana State University Federal Credit Union may provide you a $100 Overdraft Privilege limit for eligible checking accounts at 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. Even if you have overdraft protection, such as a transfer from another account, Overdraft Privilege is still available as secondary coverage if the other protection sources are exhausted. Please be aware that the Overdraft Privilege amount is not included in your balance provided through CUOnline account access, Touch-Tone Teller or Indiana State University Federal Credit Union ATMs.

How much does Overdraft Privilege cost?

Accounts will be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your 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 Indiana State University Federal Credit Union 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.

If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. Indiana State University Federal Credit Union will not authorize overdrafts for everyday debit card and ATM transactions on consumer accounts unless you give us your consent to pay these overdrafts by electing Extended Coverage.

If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, Indiana State University Federal Credit Union (“We”/”Us”) will charge a NSF Returned Item each time it returns the item because it exceeds the Available Balance in your account. Because we may charge a NSF Returned Item each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and representment of the item, which is outside of our control. When we charge a NSF Returned Item, 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 Fee. We may use the terms “item” and “transaction” interchangeably.

Full disclosure available upon request.