Mistakes happen. To help our members avoid merchant fees and possible damage to their credit history, Infinity Credit Union, at its discretion, covers inadvertent overdraft transactions for members in good standing.
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.
We can cover an overdraft in two different ways:
- Infinity CU will authorize and pay your overdraft. Standard overdraft practices dictate that we pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. Types of transactions include: ATM transactions, one-time point-of-sale debit card transactions, checks, automated bill payments, and pre-authorized withdrawals (i.e. gym membership).
The ability to overdraft using checks, automated bill payments, and pre-authorized withdraws is included with our High 5 and Step Up Checking accounts. This service is not available for our Basic Checking account.
ATM transactions and one-time point-of-sale transactions are separate transaction types that you must “Opt-In” to have the ability to overdraw your account in the event the funds are not available.
Click here to Opt-In for ATM transactions and one-time point-of-sale transactions. You may also use this form to change your selection at any time.
2. We offer an overdraft protection plan, which is an Overdraft Protection Line of Credit (ODLOC). The option of a supplemental transfer from a savings account is also available; however, Regulation D restrictions apply. To learn more, call or stop by any of our five convenient branches. Our Member Specialists would be happy to provide further assistance.
What fees will I be charged if Infinity CU pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $35.00 each time we pay an overdraft, or $32.00 if we return an item unpaid. (see current fee schedule)
- While there is no limit on the total fees we can charge you for overdrawing your account, Infinity will make every attempt to provide guidance should the number of paid overdraft items exceed 10 within a 30 day period.
Notification of Overdrawn Accounts:
If the account is overdrawn you are required to bring the balance back to a positive dollar amount within 30 days of the date the account went negative. If at day 10 the account is still negative, a series of letters will be mailed with notification to bring your account positive.
If your account incurs greater than 10 overdrafts within a rolling 30 day period, notification of excessive use and contact information for an in-house Certified Credit Union Financial Counselor will be sent.