What You Need to Know about Overdraft 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.
What are the different ways an overdraft can be covered?
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 a savings account or line of credit,
which may be less expensive than our standard overdraft practices. To learn more, ask us about
- Automatic Overdraft Transfers from deposit accounts and personal credit lines (excluding
home equity loans). Funds are transferred in $100 increments from these accounts to
cover overdraft transactions. We will charge you a fee of $5 (plus sales tax) for each transfer.
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
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion; we do not guarantee 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 the UICCU pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $29 - $34 (plus sales tax) based on number of occurrences
- There is no limit on the total fees we can charge you for overdrawing your account
What if I want the UICCU 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 800-397-3790, visit www.uiccu.org or complete the form below, sign and mail to UICCU, P.O. Box 800, North Liberty, IA 52317 or drop off at any branch location.