Overdraft Protection | Elements Financial

Overdraft Protection

As financial wellness providers, our promise is to support your financial goals with the right tools.

Elements Financial's Overdraft Protection Program provides multiple layers of defense to protect your accounts against fees from merchants and daily inconveniences.

For example, imagine standing in a long line at the grocery store, stepping up to the cashier and having your debit card purchase declined due to a simple accounting error.

We don’t want this to happen to you — we know you don’t either.

So let’s review your overdraft options.

Ideally, we recommend activating all three methods. We can help determine what is best for you by presenting the facts.

Please note we use your available balance to determine whether sufficient funds are available when transactions attempt to clear the account and for determining whether to charge an overdraft or NSF fee. Click here for more information about how your available balance is determined and how we process the items you draw on your account.

Your Overdraft Protection Options

 What It Means to YouCost

Link to Another Deposit Account

This easy solution allows you to borrow from yourself as needed.

Talk to Member Service at a branch or by phone: (800) 621-2105

Money transfers from another deposit account to match the exact amount of your overdraft.

No charge up to 6 transfers per month from savings.

Line of Credit Transfers

With a Line of Credit, we'll automatically deposit what you need.

To learn more about Line of Credit, contact our Lending Department: (800) 621-2105, option 1.

Money transfers from your Line of Credit to match the exact amount of your overdraft.

Cost is $5 plus interest on your Line of Credit balance.

Overdraft Privilege*

This option allows you to cover overdrafts beyond the methods described above.

There are two versions of this coverage:

For members who qualify, $1,000 of coverage is available. With either version, be sure to evaluate the impact of the fee against the value of the convenience it provides.

A $30 fee applies each time you use this service.

  • Standard Coverage
    Standard Coverage includes checks and automated bill payments and is automatically provided on eligible accounts.

This limited version will not allow for ATM and everyday debit card transactions that exceed your available balance.

  • Extended Coverage
    Extended Coverage also includes ATM and every day Debit Card transactions. You must let us know if you wish to have Extended Coverage, by talking to Member Service at a branch or by phone at (800) 621-2105 ;or completing a quick form at elements.org/optin.

This comprehensive version allows you to proceed with ATM and debit card transactions that allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction.

Please follow the simple steps detailed above to fully-protect your accounts, and feel free to look to us for further guidance about this decision.

To learn more about Overdraft Protection, please contact Member Service, (317) 276-2105, or toll-free at (800) 621-2105.

*Accounts will be charged the standard Overdraft fee of $30.00 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $30.00 for items returned. An overdrawn balance must be repaid within 32 days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of business day, if you default on any loan or other obligation to Elements Financial Federal Credit Union or if your account is subject to any legal or administrative order or levy.