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WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES

An overdraft occurs when you do not have a high enough available balance in your account to cover a transaction, but we pay it anyway.*

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 transfer protection, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about this service.

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 do not authorize and pay overdrafts for the following types of transactions, unless you ask us to (see below):

  • ATM transactions (authorized only in offline processing)

  • Everyday debit card transactions

We are not obligated to pay any items presented for payment if the account does not have sufficient funds, determined by using your available balance. We use an automated system that sets an overdraft limit based on analysis of your ability to repay, but we reserve the right to pay or return individual transactions in our discretion. However, we strive to pay your items if they total less than the unused amount of your system-generated overdraft limit. The overdraft limit may change as frequently as daily, between a range of $0 and $1500. When our system sets an overdraft limit of $0 for your account, this does not mean that you have been removed from the Overdraft Coverage program, because as long as you are eligible for the overdraft program, the system will continue to evaluate your account each day and may increase the limit above $0 on any day.

The software weighs numerous variables, including but not limited to:

  • Age of Account

  • Deposit Amounts

  • Previous Overdraft Activity and Repayments

  • Account Status

  • Status of Loan Obligations

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Ouachita Valley Federal Credit Union pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of $ 28.00 each time we pay an overdraft.

  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want Ouachita Valley Federal Credit to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (318) 387-4592.