Overdraft Protection FAQs

What are the BENEFITS of authorizing OU Federal Credit Union to pay overdrafts on ATM & everyday debit card transactions?

  • No cost to you if you don’t overdraw your account
  • Can serve as a backup to Overdraft Sequencing transfers from your other accounts or a line of credit (those overdraft transfers would occur first)
  • Reduces the risk of having transactions, like paying for groceries, declined if you make an inadvertent error in your checking records or are late making a deposit
  • Helpful in case of emergencies

What ACTION do you need to take?

If you DO want OU Federal Credit Union to consider authorizing and paying overdrafts on ATM and everyday debit card transactions, download the ODP Opt-In form and send it to us right away.

If you DO NOT want OU Federal Credit Union to consider paying overdrafts on ATM and everyday debit card transactions, complete the form and send it in to us. These transactions may be declined if you do not have sufficient funds in your account or other accounts you have designated for Overdraft Sequencing transfers.

 Are there fees if I opt in?

There are no fees for opting in. If you do not have sufficient funds and your account will be overdrawn, you will pay a $35 overdraft fee each time an ATM or debit transaction exceeds your available balance. If you overdraw your account, you should make a deposit right away to bring your account to a positive balance.

 Can I opt-in over the phone?

No, you must opt-in or out by completing the ODP Opt-In form .

 If I opt in, will my debit card transactions always go through?

Whether a transaction is paid is at the discretion of the credit union and we cannot guarantee we will always authorize and pay a transaction. We reserve the right not to pay an item depending on factors such as your account history. Online Banking is a great way to keep track of your accounts and reduce the risk of overdrafts.

 What other options do I have to cover overdrafts?

Overdraft Sequencing is available through automatic overdraft transfers from accounts you designate, such as savings or a line of credit. We will be happy to help you sign up for Overdraft Sequencing and apply for a line of credit if you do not already have one. Using Online Banking to keep tabs on your account can also help you avoid overdrafts.

I already have Overdraft Sequencing from my savings account. Why would I want to opt in?

If you need to make a debit card or ATM card transaction that would exceed your available balance (including your linked accounts or line of credit), opting in may allow us to approve that transaction and charge a fee to your account. If you do not opt in, that transaction may be declined.

If I have Overdraft Sequencing from savings AND I opt in to authorize the credit union to pay overdrafts on ATM and everyday debit card transactions, which process occurs first?

The Overdraft Sequencing transfers occur first.

 I had signed up for Overdraft Sequencing transfers from my savings account and a line of credit.  Will that stop if I do not opt in for OU Federal Credit Union to pay overdrafts on ATMs and debit card transactions?

No, it will not. Those are two separate processes.

What is the difference in Overdraft Sequencing and opting in for OU Federal Credit Union to pay overdrafts on ATM and debit card transactions?

When members sign up for Overdraft Sequencing, they are authorizing OU Federal Credit Union to automatically transfer funds from their other account(s) or line of credit if their checking account does not have sufficient funds for a transaction. When members opt in for OU Federal Credit Union to pay ATM and debit card overdrafts, they are authorizing OU Federal Credit Union to consider taking their account negative and charge an overdraft fee. Even if you already have Overdraft Sequencing, as a backup, you may also opt in for OU Federal Credit Union to pay ATM and debit card overdrafts.

Are my checks and automatic deductions affected by the new overdraft regulations?

No. The new regulations apply only to ATM and everyday debit card transactions.

 Can any owner on an account opt in?

Yes. The authorization covers all account owners on that account.

How will I know when you’ve processed my request to opt in?

We will mail you a confirmation letter once your request has been processed. Please allow 3 business days for your request to be in effect.

 If I opt in, can I opt out later if I change my mind?

Yes, you may opt out at any time. Please allow up to 3 business days for your request to in effect.

 Can I still opt in later if I can’t decide now?

You can opt in at any time. Please be aware that ATM and everyday debit card transactions may be declined if you have not authorized OU Federal Credit Union to consider paying overdrafts on those transactions.

 I have only a savings account at OU Federal Credit Union. Can I opt in for that account so OU Federal Credit Union will pay ATM overdrafts from my savings account?

Members may opt in only for checking accounts, not savings accounts. Savings account transactions will be declined if funds aren’t available.

 

**Note- For share savings and money market accounts, if applicable, Regulation D allows you to make up to six (6) preauthorized, automatic (using SoonerNet or an overdraft protection transfer), telephonic (including telephone and fax) or audio response (using Sooner or Later Line) transfers to another account of yours or to a third party during any statement period. For more details, please see the Membership & Account Agreement located on the credit union’s website at www.oufcu.com.

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