What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when a member does not have enough money in their accounts to cover a transaction, but DuTrac may pay it anyway. DuTrac can cover overdrafts in two different ways:
- Standard overdraft practices that comes with your account.
- Overdraft protection plans, such as a link to a savings account, which may be less expensive than DuTrac's standard overdraft practices. To learn more, ask a member services consultant about these plans.
This notice explains DuTrac's standard overdraft practices.
What are the standard overdraft practices that come with a DuTrac Community Credit Union account?
- DuTrac does authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- As of August 15, 2010, DuTrac will not authorize and pay overdrafts for the following types of transactions unless the member asks DuTrac to do so (see below):
- ATM transactions
- Everyday debit card transactions
- DuTrac will pay overdrafts at its discretion, which means DuTrac does not guarantee that it will always authorize and pay any type of transaction.
Please Note: If DuTrac does not authorize and pay an overdraft, the transaction will be declined.
What fees will I be charged if DuTrac Community Credit Union pays my overdraft?
- Under DuTrac's standard overdraft practices:
- Members will be charged a fee of up to $25 each time DuTrac pays a member's overdraft.
- There is no limit on the total fees DuTrac may charge you for overdrawing your account.
What if I want DuTrac Community Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
- If you want DuTrac to authorize and pay overdrafts on ATM and everyday debit card transactions, call (563) 582.1331 or (800) 475.1331, stop by one of DuTrac's convenient locations or click on the courtesy pay link below to enroll.
If you have questions regarding this letter or any of DuTrac's products or services, please contact one of DuTrac's highly qualified financial services consultants at (563) 582.1331 or (800) 475.1331.
