Having insufficient funds in your account can cause embarrassment, fees and major inconvenience, so at Heritage we offer Overdraft Tolerance on qualifying accounts, which can save you additional merchant fees and possible damage to your credit history caused by a returned transaction. And while we want to encourage all members to practice financial responsibility, we can help pay overdrafts on transactions that include:
- Checks
- Automatic bill payments
- Preauthorized automatic debits
- Other transactions made using your account number
- Everyday debit card transactions (Overdraft Tolerance Plus service only)
Overdraft Tolerance Opt-In/Opt-Out
A non-sufficient fund item (NSF item) is a transaction on your account where the amount of the transaction is greater than the available balance in your account. If an NSF item is presented on your account, we strive to pay your overdrawn item in accordance with our Overdraft Services.
You will be charged a fee each time we pay an overdraft for your accounts. You may also be assessed additional fees if your account remains overdrawn. See our current Fee Schedule for more details.
ODT is a discretionary service designed to pay checks, automatic bill payments and other electronic payments and transfers in spite of insufficient funds. The credit union will automatically qualify and disqualify accounts for ODT based on specific account performance criteria.
ODT Plus is a discretionary service that includes ODT, but is also designed to cover everyday debit card purchases in spite of insufficient funds. ODT Plus requires your affirmative consent through an Opt-in process.
Yes, you or a joint owner may Opt-in at any time. If you wish to have your everyday debit card purchases included under this service, complete our online opt-in form or call 812-253-6928, Option 1, login to mobile banking, or stop by any branch location to provide your consent.
No, you may Opt-in to ODT Plus at any time, but your everyday debit card purchases may not be covered unless your account qualifies for ODT.
Only one owner per account must Opt-in for a consent to take place.
From time to time, many of us have experienced that moment when our account balance was less than we thought, so the occasional overdraft can happen and we want to try to pay those transactions. If it happens, Opting-In may allow your everyday debit card purchases to be accepted, which saves you the potentially embarrassing experience of being declined or leaving you in a position where you may be unable to complete a transaction for an urgent purchase.
Your everyday debit card transactions may be declined in the event of an overdraft. ODT will continue to be in effect for your checks, automatic bill payments and other electronic payments and transfers, if your account qualifies.
No, the credit union has the discretion to approve or decline a transaction that causes an account to become overdrawn. It is our process to strive to pay all overdraft items when possible when an account has qualified for ODT.
Yes. The limits generally coincide with your checking account type. For more information, call 812-253-6928, Option 1, or stop by any branch location.
ODT is not a line of credit or a loan. As a non-contractual courtesy, we will strive to pay your overdrafts based on your account performance, which includes, but not limited to, your past deposit history, the age of your account and how quickly you have repaid any overdrawn items in the past. This service may be withdrawn at any time.
You can access Online, Mobile, or Telephone Banking 24/7 to see your account balances and history. Also, to help manage your account, you can choose to receive email or text message alerts when your account drops below a certain balance or when you have an overdraft. Login to Online or Mobile Banking to set up your account alerts.
You are required to deposit funds immediately to cover any overdrafts. If your account has a negative balance for an extended period of time, and you do not contact us or deposit funds, your account will be closed and reported to a consumer reporting and/or collection agency.
Yes, you or a joint owner may revoke your prior consent at any time by calling 812-253-6928, Option 1, complete our online opt-in form, login to mobile banking, or stop by any branch location. Once authorization is revoked, any future items may be returned or denied.
Yes, you may change your everyday debit card transactions choice at any time; however, each time you make a change it may take up to five (5) business days after the receipt of the Opt-in or Opt-out notice to complete the request.
Yes, if you or a joint owner do not wish to have your NSF items paid under this service and would prefer to have all of your non-sufficient fund items returned and/or denied, please call 812-253-6928, Option 1, or stop by any branch location.
Under Regulation E for consumer accounts, we will not intentionally authorize and pay everyday debit card transaction that overdraw your account without your permission. You must consent to having us authorize and pay your everyday debit card transactions that overdraw your account for which you will incur our standard NSF fee per item for consumer accounts.
No, Regulation E applies to consumers only. All business transactions will be processed under the credit unions standard overdraft practices.
1Overdraft Tolerance (ODT) and Overdraft Tolerance Plus (ODT Plus) are discretionary services. ODT Plus requires your opt-in. We may at our sole discretion limit the number of accounts eligible for ODT and ODT Plus to one account per household or per taxpayer identification number. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing. An account in good standing exhibits at a minimum the following:
- The account has been open for at least ninety (90) days;
- The minimum balance is maintained in the primary share as defined by the credit union;
- The account owner has not caused the credit union a loss through a charged-off account;
- The account owner is not delinquent more than thirty (30) days on all loan obligations with us;
- The account is brought to a positive balance within every fifteen (15) day period for a minimum period of 24 hours; and
- The account is not subject to any legal or administrative order or levy, such as bankruptcy or tax lien.
A fee may be imposed for covering overdrafts created by check, automatic bill payment, preauthorized automatic debit, one-time debit purchase, or other means. The fee may also be charged when covering an overdraft caused when there are insufficient funds because previously deposited funds are subject to a hold or uncollected. For each overdraft we pay, we will charge a per presentment overdraft tolerance charge of $30.00. In addition, we will charge your account a $3.00 per day “daily overdraft fee” after seven (7) consecutive days your account is overdrawn. The per presentment and per day overdraft fees count toward your ODT limit.
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