Personal Line of Credit
If you accidentally overdraw your checking, it can save you from paying $28 in fees.
Overdraft Privilege
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 $28 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 $28 per item. The sign up form is at the bottom of this page.
What Types of Transactions Does Overdraft Privilege Cover?
| Type of Transaction | 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 | $28 fee per item plus, after 5 days of a negative balance, $5 per day up to $55 |
| Extended Overdraft Coverage | $28 fee per item plus, after 5 days of a negative balance, $5 per day up to $55 |
| Bounced Check | $28 fee per item, after 5 days of a negative balance, $5 per day up to $55 from us plus an additional fee from the merchant |
What You Need To Know about Overdrafts and Overdraft Fees
An overdraft occurs when a transaction exceeds your available balance in your account, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- 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 $28 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.
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!