Overdraft Protection - Harvard University Employees Credit Union
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Go about your business confident that your checks will be paid.

Overdraft Privilege and Overdraft Protection

Life happens! Harvard University Employees Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.

 Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection from Savings An automatic transfer from another deposit account you have at HUECU is made for a nominal $5 fee per occurrence. Regulatory transaction limitations apply.

Add Overdraft from Savings

$5 fee per transfer (Subject to regulatory limits)
Overdraft Protection Line of Credit, 1There is no fee for each occurrence, however, there would be a monthly payment based on any outstanding balance.

Apply for an Overdraft Line

Subject to interest
$5,000 Maximum Limit
Current APR is 14.00%
Overdraft Privilege $25 Paid NSF Fee per item ($5 for members ages 65 and older)

1Subject to credit approval.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account or line of credit you may have at Harvard University Employees Credit Union for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.

Transactions Covered with Overdraft Privilege Standard Coverage
(No action required)
Extended Coverage(Your consent required)* If you would like to select Extended Coverage for future transactions:

  • complete the online consent form found here.
  • call us at (617) 495-4460,
  • visit any branch,
  • e-mail us at huecu@harvard.edu

Add Extended Coverage

Checks Yes Yes
ACH – Auto Debits Yes Yes
Recurring Debit Card Payments Yes Yes
Online Bill Pay Items Yes Yes
ATM Withdrawals No Yes*
Everyday Debit Card Transactions No Yes*
Online Banking Transfers No No
Telephone Banking No No
Teller Window Transactions No No

* If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Extended Overdraft Privilege coverage, it is not necessary to request it again.

You can discontinue the Overdraft Privilege in its entirety by contacting us at (617) 495-4460, visiting any branch, or mailing us at PO Box 382609, Cambridge, MA 02238-2609.

What Else You Should Know

  • Free financial counseling is available through GreenPath Financial Wellness at HUECU.org/GreenPath or (877) 337‐3399.
  • A link to another account or a line of credit may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance.
  • The $25 Insufficient Funds Paid Fee that is charged if you overdraw your account is the same fee amount that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Insufficient Funds Paid Fee or an Insufficient Funds Returned Fee of $25. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee. Please note that the Insufficient Funds Paid Fee for Standard Coverage items and Returned Fee is $5 for members ages 65 and older (excluding recurring debit card transactions).
  • Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and Insufficient Funds Paid Fee from funds that you deposit or that are deposited into your account may call us at (617) 495-4460.
  • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Harvard University Employees Credit Union will charge an Insufficient Funds Returned Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Harvard University Employees Credit Union may pay the item, and, if payment causes an overdraft, charge an Insufficient Funds Paid Fee.
  • The maximum amount of Insufficient Funds Paid Fees that we will charge to your consumer account is $100 per day. We will not charge an Insufficient Funds Paid Fee if the amount of an item on your consumer account is $10 or less.
  • We typically post items in the following order: 1) credits, 2) ATM and debit card transactions real time, 3) ACH items in order received, and 4) checks in serial number order. The order in which transactions are posted may impact the total amount of Insufficient Funds Paid Fees or Insufficient Funds Returned Fees assessed. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Insufficient Funds Paid Fees or Insufficient Funds Returned Fees assessed.
  • Although under payment system rules, Harvard University Employees Credit Union may be obligated to pay some unauthorized debit card transactions, Harvard University Employees Credit Union will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Insufficient Funds Paid Fees for transactions that we would otherwise be required to pay without assessing an Insufficient Funds Paid Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
  • Harvard University Employees Credit Union authorizes and pays transactions using the available balance in your account. Harvard University Employees Credit Union may place a hold on deposited funds in accordance with our Understanding Your Account Disclosure, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking, or Harvard University Employees Credit Union’s ATMs.
  • Harvard University Employees Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Insufficient Funds Paid Fee may be assessed.
  • Except as described herein, Harvard University Employees Credit Union will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • An Overdraft Privilege limit of $750 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Members who are less than 19 years old and Student Accounts are not eligible for Overdraft Privilege. Overdraft Privilege may be suspended if you fail to maintain a balance of at least $5 in your primary share savings account, default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Understanding Your Account Disclosure  brochure. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, stop by a branch or email us at huecu@harvard.edu.

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