Horizon Credit Union Overdraft Privilege Service Policy
Rev. 6/2015

It is Horizon Credit Union (“we, us, or our”) policy to comply with applicable laws, rules and regulations, and to conduct business in accordance with strict safety and soundness standards. A non-sufficient funds (overdraft/negative balance) may result from: A) The payment of checks, electronic funds transfers, or other withdrawal requests you initiate; B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) Charging your account for our applicable service charges and fees; E) The deposit of items to your account which, according to our Funds Availability Policy, are treated as not yet “available” or “finally paid”. We are not obligated to pay any item initiated for payment against your account if your account does not contain sufficient collected funds. Rather than automatically returning, unpaid, all non-sufficient funds items that you may have, (A) If you have an “eligible account type” that is in good standing and in which you make regular deposits  (B) You are not in default on any loan obligation to us, (C) We reserve the right to require you to pay your outstanding overdraft (negative) balance, including our fees, immediately or on demand., and (D) Your account is not the subject of any legal or administrative order or levy, such as bankruptcy or a tax lien, we will consider, without obligation on our part, approving your reasonable overdrafts up to your assigned Overdraft Privilege Limit, including our fees. If your account was opened using our electronic service, Account Open and Fund, you will not be eligible for this service for 30 days after account opening.
This discretionary service will generally be limited to an $800 overdraft (negative) balance for eligible personal checking account types; or a $1,500 overdraft (negative) balance for eligible business checking account types. Our normal fees and charges including, without limitation, our non-sufficient funds (NSF) or overdraft (OD) fees; currently up to $31.00 per non-sufficient funds or overdraft item, as set forth in our fee schedule, will be charged for each transaction initiated for payment your checking account that does not have sufficient collected funds. (We will not charge fees on more than seven (7) NSF or OD transactions per day) Typically, we will charge our normal NSF/OD fee whether we approve an overdraft item for payment or return it unpaid.  All overdraft amounts and associated fees shall be paid to us no later than thirty five (35) days from the date the overdraft was incurred.  The NSF and OD fees are directly related to our calculation of the costs related to processing the NSF or OD, the maintenance of the Overdraft Privilege Service Policy and fees we may incur because of your use of the Overdraft Privilege.  You agree the Overdraft Privilege is not a loan but a service offered by us to you and that the fees noted herein do not represent interest on a loan obligation.  Your fee does not vary with the amount of the check.
 Our NSF/OD and daily overdraft fees will be included in and count against your assigned Overdraft Privilege Limit of $800, or $1,500. Whether your overdrafts will be paid or not is at our sole discretion and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing as described above, or if you have too many overdrafts. We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts including our fees that you owe us shall be due and payable immediately. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts including our fees.

Optional Overdraft Protection Services:
We offer additional overdraft protection services that you may apply for. These include Line-of-Credit Overdraft Protection and “Transfer” (from another account of yours with us) Overdraft Protection. If you apply and are approved for these optional services, you may save money on the total fees you pay us for overdraft protection services.  If you exceed $1,200 in NSF or OD fees during any four month period you will be advised to seek Optional Overdraft Protection Services as this is deemed “excessive use” of the program.  You agree to sign a waiver if you desire to continue the use of the current program.  Upon the second occurrence of “excessive use”, meaning you exceed $1,200 in NSF or OD fees, you agree to complete an online money management course chosen by the Credit Union and pass the course in order to continue use of the program.  Upon the third occurrence of “excessive use” it is at our discretion to permanently remove you from the program.

Ineligible Accounts and Limitations:
  Available only for eligible checking accounts that are maintained in good standing as defined above. Savings Type Accounts, Money Market Accounts, Public Fund/Charitable Organization Accounts, Certain Trust Accounts, Student Minor Accounts, and any other Minor Accounts not of legal age are not eligible for this service. We may, in our sole option and discretion, limit the number of your accounts eligible for Overdraft Privilege to one account per household and/or one account per taxpayer identification number.

Eligible Account Types:
The account types that are eligible for Overdraft Privilege are: Replenish Checking, Bridge Checking, MyLife Checking, Griz Checking, Destination Checking; and Business Checking.

Transactions That May Cause or Create Overdrafts Using Your Overdraft Privilege Limit:
NSF transactions initiated for payment against your checking account may be paid by us using your assigned Overdraft Privilege Limit, including our fees, Our NSF/OD fee may be imposed for paying, or not paying, overdrafts you create by: Checks; In person (teller) withdrawal; ATM/Debit card withdrawal*; or other electronic means.
*For one time debit/ATM card withdrawals to be considered for payment under the Overdraft Privilege Program, you must opt-in to Overdraft Privilege specifically for these types of transactions.  Please see the Opt-in notice for details.

You May Always Opt-Out:
You may choose at any time to not participate in Overdraft Privilege by notifying one of our Service Representatives who will explain what this (“Opt Out”) means, and the potential consequences, for you.

If You Need Help:
Of course, overdrafts should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover these expenses. If at any time you feel you need help with your financial obligations please contact one of our Service Representatives at (800) 852-5316.

ALWAYS A DISCRETIONARY SERVICE: Our Overdraft Privilege Service does not constitute an actual or implied agreement between you and us. Nor does it constitute an actual or implied obligation of or by us.
Our Overdraft Privilege service represents a purely discretionary courtesy or privilege that we may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.

Overdraft Privilege Opt-Out Notice

Overdraft Privilege Opt-Out Notice
I,______________________________________________, request and authorize
Horizon Credit Union to eliminate the Overdraft Privilege Limit from my checking account number ___________________________. I understand that without the Overdraft Privilege Service, insufficient items or items drawn against uncollected funds presented for payment on this account may be returned unpaid, and whether the item is paid or returned unpaid,  an insufficient fee will be assessed for each insufficient item presented for payment. 



Signature                                                                                                                  Date



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