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, but we pay it anyway. This service saves you the embarrassment and inconvenience of a returned item, a returned item fee, as well as a fee normally merchants may charge you for items returned to them.

Our standard overdraft practices are outlined below. We also offer overdraft protection plans, such as a link to a savings account, and overdraft lines of credit, which may be less expensive than our standard overdraft practices. To learn more about these plans, please contact us.

Under our standard overdraft practices:

  1. We automatically authorize and pay overdrafts for the following types of transactions:
    • Checks an other transactions made using your checking account number
    • Automatic bill payments
  2. After August 15, 2010, we will not authorize and pay overdrafts for the following types of transactions unless you authorize us to:
    • 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 any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
  3. Below are the overdraft fees when the credit union pays for your overdraft:
    • We will charge you a fee of up to $35 each time we pay an overdraft.
    • There is no limit on the total fees we can charge you for overdrawing your account.
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please authorize your consent by choosing one of the following options:
  1. Complete the form below and click on submit,
  2. Complete the form below and present it to us at our office located in the Century 21 Plaza, Derby Road Newport,Vermont
  3. Complete the form below and mail it to us at:
    ORLEX Credit Union 5043 US RT 5 Newport, VT 05855
  4. Call us at 1-877-ORLEXCU(675-3928) / 802-334-5084

Opt-in Form

Please check the box below:
I want ORLEX Government Employees Credit Union to authorize and pay overdrafts on my share draft (checking) and share (savings) account(s) for ATM and everyday debit card transactions for the account(s) listed below.

Name:
Address 1:
Address 2:
Account Number: (XXXX-X)
Account Number: (XXXX-X)
SIGNED:
(Please enter your full name as your signature)
Date: (MM/DD/YYYY)