What You Need To Know about Overdrafts and Overdraft Fees

Overdraft Privilege in a Nutshell

  • If you do nothing – you have standard overdraft coverage where we pay your checks and electronic payments like bill pay, insurance premiums, YMCA, tanning package, etc., even if the money isn’t in your account, for a fee of $27 per item. Automatic overdraft transfers from your savings and overdraft line of credit loans kick in before standard overdraft practices.
  • If you want extended coverage – You get the standard overdraft coverage above plus ATM withdrawals and debit card transactions will not be declined, even if the money isn’t in your account, for a fee of $27 per item. The sign up form is at the bottom of this page.

What Types of Transactions Does Overdraft Privilege Cover?

Standard Coverage, no action required Extended Coverage, your consent required
Checks X X
ACH - Auto Debits X X
Recurring Debit Card Payments X X
Online Bill Pay Items X X
Internet Banking Transfers X X
Telephone Banking X X
At the Teller Window X X
ATM Withdrawals X
Everyday Debit Card Purchases X

How Much Does This Cost?

Ways to Cover Your Overdrafts Example of Possible Cost for Each Overdraft
Good Account Management $0
Link to Savings Account $4 per transfer
Personal Line of Credit $5 to access line of credit, then 18.00% annual percentage rate on the loan with payments of $50 per month minimum
Standard Overdraft Coverage $27 plus, after 5 days of a negative balance, $5 per day up to $75
Extended Overdraft Coverage $27 plus, after 5 days of a negative balance, $5 per day up to $75
Bounced Check $27 plus, after 5 days of a negative balance, $5 per day up to $75 from us and another $20-$30 from the merchant

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:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.

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
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions without your consent.

  • 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 Decatur Earthmover Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $27 each time we pay an overdraft
  • If your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5 for each of the consecutive business days the account remains overdrawn
  • There is no limit per day on the total fees we can charge you for overdrawing your account.

What if I want Decatur Earthmover Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (217) 875-2301, submit the form below or print the completed form below and present it at a branch or mail it to: 260 W Marion Avenue, Forsyth, IL 62535. You can revoke your authorization for Decatur Earthmover Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.


Personal Line of Credit

If you accidentally overdraw your checking, it can save you from paying $27 in fees.

Learn More

eAlerts

Life gets busy and things get overlooked. Get a text when your account balance gets below a certain dollar amount to save you an accidental overdraft!

Learn More
Overdraft Preference*


What Else You should Know

  • A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The $27 Overdraft Fee is the same fee amount that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Fee of $27. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.
  • If your account balance remains overdrawn for longer than 5 business days, we will charge your account a daily overdraft fee of $5 for each of the consecutive business days the account remains overdrawn up to $75, beginning with day 5.
  • We generally post items in the following order: 1) Credits, 2) ATM/POS in real time, 3) ACH debits (low to high by dollar amount), 4) Checks (low to high by dollar amount); however, exceptions will occur. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies Holds on funds (described below) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Fees assessed.
  • Although under payment system rules, Decatur Earthmover Credit Union may be obligated to pay some unauthorized debit card transactions, Decatur Earthmover Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
  • Giving us your consent to pay every day debit card and ATM overdrafts on your consumer account may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card.
  • Decatur Earthmover Credit Union authorizes and pays transactions using the available balance in your account. Decatur Earthmover Credit Union may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions. If the funds in the available balance are not sufficient to cover a transaction, any available overdraft protection and/or the amount of the Overdraft Privilege limit may be used to authorize and pay a transaction.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Decatur Earthmover Credit Union’s ATMs.
  • Decatur Earthmover Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Fee may be assessed.
  • Except as described in this letter, Decatur Earthmover Credit Union will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
  • Decatur Earthmover Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described in this letter). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
  • Decatur Earthmover Credit Union may also suspend your debit card if your account is overdrawn more than thirty-two (32) consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
  • Decatur Earthmover Credit Union may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or phone number(s). You must contact us with your correct mailing address and/or phone number(s) to have your debit card reinstated.
  • If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within thirty-two (32) days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Overdraft Privilege reinstated. Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.