WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND FEES

An “overdraft” occurs when you take out more money from your account than you put into your Account, and which results in a negative available balance. Horizon uses your “available balance” to determine overdraft fees on your account. Your “available balance” means the balance in your Account at any given time less your transactions that may not have reached Horizon’s computer system, such as checks you have written, ATM transactions, ACH transactions, debit card transactions or deposits to your Account.

Horizon offers THREE different ways to pay negative balances in your account (overdrafts) called the Overdraft Privilege Program.

We offer Overdraft Protection Services that allows transfers from other Horizon accounts to cover overdrafts, at your option.
We offer a Standard Overdraft Privilege that automatically comes with your account.
Courtesy Pay for Consumer Accounts is an optional service designed to help guard against having Items returned or declined due to an overdraft. It allows Horizon to cover ATM and everyday debit card transactions by overdrawing the account up to $800 on consumer accounts, plus Applicable Fees. Even if you participate in the Overdraft Protection Services, Courtesy Pay for Consumer Accounts is still available as a secondary coverage but will only cover ATM and everyday debit card transactions. If you would like to add Courtesy Pay to your personal Account (consumer account, non-business) (opt in) or would like to remove this coverage from your Account (opt out), you must request it. You may opt out of the Courtesy Pay at any time, but you are responsible for any overdraft balances and overdraft fees at the time of opting out.

To learn more about these overdraft plans please review “Overdraft Disclosures” on our website.

Standard Overdraft Privilege and Courtesy Pay

What are the standard overdraft practices that come with my account?

Standard Overdraft Privilege comes standard with your Horizon checking account. Standard Overdraft Privilege covers checks, ACH, recurring debit card transactions, online bill pay Items, online banking transfers, telephone banking and teller window transactions by paying these Items up to your Overdraft limit of $800 for consumer Accounts and $1500 on business Accounts with “Applicable Fees”. Standard Overdraft Privilege does not apply to ATM and everyday debit card transactions (one-time debit card use as opposed to authorized recurring debit card use).

You may opt out of the Standard Overdraft Privilege at any time, but you are responsible for any overdraft balances and overdraft fees at the time of opting out.

What fees will I be charged if Horizon Credit Union pays my overdraft?

The $29 overdraft fee is the same fee amount that is charged if a check is returned as unpaid (non-sufficient funds). If multiple Items overdraw your Account on the same day, each Item will be assessed an appropriate overdraft fee or a return fee of $29. The overdraft fee will be charged each time an Item is presented and there is not enough of an available balance in your Account to cover the Item.

Horizon limits the Amount of overdraft fees charged to your account to seven per day ($203) and will not charge an overdraft fee if the current balance is overdrawn by $9.99 or less. This is the only instance in which Horizon uses the “current balance”, as shown on your online account. Again, your “Current Balance” is just showing you what is in your Account, which may not include any additions for ATM deposits or deductions for ATM withdrawal transactions, pending debit card transactions, ACH transactions or outstanding checks.

What if I want Horizon Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions? (Courtesy Pay)

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, you may call 800.852.5316, visit our website at www.hzcu.org, email us at paymentsupport@hzcu.org or complete the form below and present it at a branch or mail it to: P.O. Box 15128, Spokane Valley, WA 99215. You can revoke your authorization for Horizon 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.