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What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you don't have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

1. We have Premium Overdraft Services which includes two separate components if you qualify*:

  • Standard Overdraft Protection that come with your account and;
  • ATM/Debit Card Overdraft Protection that you may choose to opt-in to

2. We also offer an Overdraft Line of Credit (if you apply and are approved), which may be less expensive than our Premium Overdraft Services. To learn more, contact a Member Service Representative at 1-800-645-4728 or visit gscu.org.

What is the Standard Overdraft Protection that comes with my checking account?

We do transfer any available funds from a linked savings or checking account.

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments and other pre-authorized transactions

We do not authorize or pay overdrafts for the following types of transactions:

  • ATM transactions
  • Debit card transactions

How can I opt-in to the ATM/Debit Card Overdraft Protection?
If you want us to authorize and pay overdrafts on ATM and debit card transactions, send a secure message through OnLine Banking, complete the form on gscu.org, visit one of our convenient branch locations, or speak to a Member Service Representative at 1-800-645-4728.What fees will I be charged if GSCU pays my overdraft?

What fees will I be charged if GSCU pays my overdraft?

Under our Premium Overdraft Services:

  • We may transfer available funds and charge you a $5.00 fee per transfer.
  • We may authorize and pay items that overdraw your account up to $500 at any one time and charge you a fee of $30.00 each time we pay an overdraft. This is the same fee that would be charged if the item were returned however, in this case, the item is paid.**
  • There is no limit to the total fees we may charge you for overdrawing your account.

What if I want to opt-out of Premium Overdraft Services?
If you would like to opt-out of Premium Overdraft Services, send a secure message through OnLine Banking, visit one of our convenient branch locations, or speak to a Member Service Representative at 1-800-645-4728. No items will be paid until your opt-out request is revoked.

*In order to qualify for Premium Overdraft Services, you must be 18 or older, your checking account must be open for at least ninety (90) days, and you must be a member in good standing with GSCU.

**$500 for new members opting in. $1,000 for existing members opted in prior to 3/18/2020 (Temporary). We may authorize and pay overdrafts at our discretion. If we do not authorize or pay the overdraft, your transaction will be declined or returned.

 
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