Complete Overdraft Protection — We’ve Got you Covered!
What is an Overdraft?
An overdraft occurs when you do not have enough money in your account to pay for a check, ATM Withdrawal, ACH, etc. when it's presented, but your Credit Union in good faith pays the item anyway; meaning we didn't return it. We may charge a fee depending on whether you have funds available on a line of credit or in your shares, or if your account goes negative, but the item isn't returned, and you won’t be charged a “bounced” check fee by the merchant or vendor.
What Overdraft Protection options are available for Members?
- Automatic Transfers from a Share Account — If you have funds available in your Share (Savings) account, GCFCU will automatically transfer to cover overdrafts in your Share Draft (Checking) account. (A $3 fee is charged for each transfer to cover an overdraft.)
- Overdraft Line of Credit — Members may apply for a line of credit “linked” to their checking account. Limits are available for up to $1000 and there is no fee when a transfer is made to cover an overdraft item.
After your Account has been open and had a positive balance for 60 days, GCFCU will enroll you in Courtesy Pay (Standard Protection).
Courtesy Pay (Standard Protection) — After the above overdraft protection options are exhausted, we will cover the following items up to your established Courtesy Pay Limit of $400.00:
- Checks and automatic withdrawals that overdraw your account. Items presented that overdraw your account by more than your established Courtesy Pay limit will be returned.
- A fee of up to $22.00 may be charged for each overdrawn item except:
- First Two (2) Overdrafts per Quarter (ie: Jan., Feb., March) are FREE
- No Fee for Overdrafts Under $10.00 (Please note: A $22.00 fee per item will be charged for all overdrafts that exceed your Courtesy Pay Limit regardless of the dollar amount.)
Courtesy Pay Plus+ for your Visa® debit card
Complete protection for all of your transactions including those with your Visa debit card!
Opt-in to Courtesy Pay+ if you want the same Courtesy Pay Protection for your ATM and everyday debit card transactions!