- Overdrafts and Overdraft Fees
Mistakes Happen. To assist in the avoidance of merchant fees and possible damage to our member’s credit history, Infinity FCU at its discretion, covers inadvertent overdraft transactions for members in good standing.
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.
We can cover your overdrafts in two different ways:
1. Infinity will authorize and pay - Standard overdraft practices dictate that we pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
2. We offer overdraft protection plans, such as a link to a supplemental savings account, or an Overdraft Line of Credit, each of which may be less costly than our standard overdraft practices. To learn more about these plans, call or stop by any Infinity branch. We have Certified Credit Union Financial Counselors that can provide further assistance.
Infinity will authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
Infinity WILL NOT authorize and pay overdrafts** for the following types of transactions without Opt-in consent from the member:
- ATM transactions
- Everyday debit card transactions
To authorize and pay overdrafts on ATM and everyday debit card transactions:
An Opt-in consent form is required to authorize and pay overdrafts on ATM and everyday debit card transactions. Call 1-800-499-8401 to have the form mailed to you, or Click HERE to access and print IFCU's Opt In form at your leisure. Complete and present it to a credit union representative in person or through the mail to: Infinity Federal Credit Union, P.O. Box 9742, Portland, ME 04104
**If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Infinity Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $32.00 each time we pay an overdraft. (see current fee schedule)
- While there is no limit on the total fees we can charge you for overdrawing your account, Infinity will make every attempt to provide guidance should the number of paid overdraft items exceed 10 within a 30 day period.
Notification of Overdrawn Accounts:
- If an overdraft occurs, a Share Overdraft Notice is mailed to alert you of the "drafts paid by overdrawing account" and applicable fees assessed as a result.
- If the account is overdrawn you are required to bring the balance back to a positive dollar amount within 30 days of the date the account went negative. If at day 10 the account is still negative, a series of letters will be mailed with notification to bring your account positive.
- If your account incurs greater than 10 overdrafts within a rolling 30 day period, notification of excessive use and contact information for an in-house Certified Credit Union Financial Counselor will sent.