What You Need To Know about Overdrafts & 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.

2. We also offer overdraft protection plans, such as a link to another account or a line of credit, which may be less costly than 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
  • Recurring debit card transactions

We will not authorize and pay overdrafts for the following types of transactions without your consent:

  • 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 Harvard FCU pays my overdraft?
Under our standard overdraft practices:

  • We will charge you a fee of $25 ($5 for members ages 65 and older for Checks, ACH, and Online Bill Pay items) each time we pay an overdraft if your account is overdrawn.
  • We will not charge an Insufficient Funds Paid Fee if the amount of an item on your consumer account is $10 or less.
  • The maximum amount of Insufficient Funds Paid Fees that we will charge to your consumer account is $100 per day.

What if I want Harvard FCU to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, email us at support@harvardfcu.org or complete the form below. You can revoke your authorization for Harvard Federal Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.

  • (the two digits that appear after your member number. ex: XXXXX01, XXXXXX40)
  • (Last 4 digits only)
  • This field is for validation purposes and should be left unchanged.