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Overdraft Privilege

What is Overdraft Privilege?

Overdraft Privilege is a discretionary overdraft service, requiring no action on your part, which provides you a safety net up to an automatically assigned overdraft limit.  Your Overdraft Privilege limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payments.  Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit.

Click here for the Overdraft Privilege Opt-In Form

How does Overdraft Privilege work?

As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Overdraft Privilege limit as a non-contractual courtesy.
For overdraft privilege consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.

Please note that the amount of the overdraft plus our paid item OD fee of $25 for each item will be deducted from your overdraft limit.  If the item is returned, the returned item NSF fee of $28 will be deducted from your account.  No interest will be charged on the overdraft balance.

What does Overdraft Privilege cost?

There is no additional cost associated with this privilege unless you use it.  You will be charged our paid item OD fee of $25 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction or a recurring debit card payment.  Also, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases.

For example, three paid items in one day will result in $60 in paid item OD fees.  To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement.

What is my Overdraft Privilege limit? If I have two checking accounts, can I get Member Privilege on both?

The standard Overdraft Privilege limit is $500.  If you have multiple accounts for your household, you may have a limit on each eligible account.

How quickly must I repay my Overdraft Privilege?

You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days.  If you are not able to do so, you will receive a letter from Inner Lakes FCU informing you that your Overdraft Privilege limit has been suspended and additional items will be returned.

How do I know when I use the overdraft limit?

You need to be aware of what is in your account. You can freely and easily access your account balance by obtaining internet access with our online home banking and mobile program, by calling our 24-hour automated voice response system, and/or by contacting us directly. You will need to subtract the total fees when balancing your checkbook.

What are some of the ways I can access my Overdraft Privilege limit? Will my limit be reflected in the balance I receive?

The chart below shows the different ways you can access your Overdraft Privilege limit and indicates whether or not this limit will be reflected in the balance provided.

ACCESS POINTS Is my Overdraft Privilege limit available? Does the balance provided reflect my Overdraft Privilege limit?
Teller Yes No
Writing A Check Yes N/A
Debit Card (recurring) Yes N/A
Debit Card (everyday) Yes* N/A
ATM Withdrawal Yes* No
ACH – Auto Debit Yes N/A
Online Banking Yes No
Bill Pay Yes N/A
Telephone Banking Yes No
*You will need to give your advance consent (opt-in) if you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions. IMPORTANT: If you do not give us your prior consent, your ATM or debit card transactions may not be authorized if you have insufficient funds in your account.

What if I go beyond my Overdraft Privilege limit?

Overdrafts above and beyond your established Overdraft Privilege limit may result in checks or other items being returned to the payee.  The returned item NSF fee of $28 will be charged per item and assessed to your account. 

How soon can I use my Overdraft Privilege?

If you are a new member, you may be able to use the overdraft service 30 days after your account is opened, assuming your account is in “good standing”.

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