Overdraft Protection

There are several ways your account can become overdrawn, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you (i.e. debit card at point of sale); (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the credit union’s Funds Availability Policy, are treated as not yet available.

There is a $28 Overdraft Privilege fee for each overdraft item paid. You have 30 days to repay without other penalties. We may refuse to pay an overdraft item at any time even though we may have previously paid overdrafts for you. For example, we typically do not pay overdraft items if your account is not in good standing, or if based upon our review of your account management, we determine that you are using Overdraft Privilege excessively or seem to be using Overdraft Privilege as a regular line of credit. See our Overdraft Privilege Disclosure.

Mistakes happen! Maybe you forgot about an ATM withdrawal, expected a deposit to arrive sooner, or simply lost track of how much money was available in your checking account. When you don’t have enough money in your account to cover a transaction, an overdraft occurs. No matter what the reason, overdrafts can be an embarrassing and costly mistake.

Interior Federal understands, and we’re here to help you avoid account overdrafts. You have the option to choose between our standard overdraft privilege and our overdraft protection plan options.

Your checking account comes with our standard overdraft privilege. We will authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

You can also request that we authorize and pay overdrafts for the following types of transactions:

ATM transactions
Everyday debit card transactions

We will charge you a Overdraft Privilege Fee of $28 each time we pay a transaction due to insufficient funds, and there is no limit on the total fees we can charge you for overdrawing your account.

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

If you would like Interior Federal to authorize and pay overdrafts on your everyday ATM and debit transactions, please log in to online banking, Secure Forms, and select Opt In/Out for Overdraft Services.

You can also choose to link your checking account to your savings account or personal line of credit to protect yourself against checking account overdrafts. This protection plan may be less expensive than relying on our standard overdraft privilege.