What You Need to Know about Overdrafts 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. We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account. Please see Oops! Occasional Overdraft Protection Service.
   
   
2. We also offer overdraft protection plans, such as a link to a savings account or an overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

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
• Everyday debit card transactions

        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.

• What fees will I be charged if Holyoke Credit Union pays my overdraft?

          Under our standard overdraft practices:

•  We will charge you a fee of up to $33.00 each time we pay an overdraft.
• There is a limit of 6 charges per day on the total fees we will charge you for overdrawing your account.
• If the item that is presented is $5 or less there will be no charge.
• If the transaction causes your account to overdraft $5 or less there will be no charge.

• What if I want Holyoke Credit Union 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  413-561-9000.