What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard Overdraft Practices that comes with your checking account after the first 90 days, if you have enrolled in direct deposit.
- We also offer Overdraft Protection Plans, such as a link to a Savings Account or Overdraft Protection Loan which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our Standard Overdraft Practices:
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- ACH including automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Energy Plus Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $32.00 each time we pay an overdraft.
- Overdrafts and Other Non-sufficient Fund Items $32.00
- Courtesy Pay Overdraft transfer $32.00
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Energy Plus Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
Please request an Opt-In Form for us to authorize and pay overdrafts on ATM and everyday debit card transactions. You can turn the form in at our branch or mail it to:
1230 W Morris St.
Indianapolis, IN 46221
We must have a signature for us to authorize and pay overdrafts on ATM and everyday debit card transactions. If no action is taken, we will assume that we are not authorized to pay ATM and everyday debit card transactions.
If you opt-in for overdraft protection for ATM and everyday debit card transactions and utilize overdraft protection, the account must be repaid within 30 days of the transaction.
Courtesy Pay may cover insufficient funds with share drafts and ACH transactions. We will charge you a fee of up to $32 each time we pay a share draft or ACH transaction. There is no limit on the total fees we can charge you for overdrawing your account. If this service is utilized, the account must be repaid within 30 days of the transaction.
A Member Service Representative can help you enroll in the program that best meets your needs.