What You Need to Know about Overdrafts and Overdraft Fees

In order to qualify for this service, your checking account must be open for at least ninety (90) days and you must be a member in good standing with GSCU.

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 Standard Overdraft Practices that come with your account if you qualify.
  2. We also offer an overdraft to a Line of Credit (if you apply and are approved), which may be less expensive than our standard overdraft practices. To learn more, contact a Member Service Representative at 800-645-4728.

What are the Standard Overdraft Practices that come with my 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

Note: 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.

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

Under our Standard Overdraft Practices:

  • 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 GSCU to authorize and pay overdrafts on my ATM and debit card transactions?

If you want us to authorize and pay overdrafts on ATM and debit card transactions, you may 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.

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