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Overdraft Protection Options

We know that "life happens" at the most inconvenient times, and it helps to have a back-up plan. That's why GVFCU offers a variety of Overdraft Protection Options to provide you piece of mind. Talk to one of our Member Service Representatives today about which options are available and best for you!

GVFCU may honor a member’s transaction that results in an overdrawn account through the use of the Credit Union’s Overdraft Protection or Courtesy Pay protection programs. Under these programs, the Credit Union charges a fee to provide for the payments of a transaction that would otherwise be retuned due to non-sufficient funds (NSF). The Credit Union is under no obligation to pay every overdraft.

Overdraft Protection:

Overdraft Protection is the ability to link a share draft account to another share account to have funds transferred to cover transactions that would otherwise be returned for non-sufficient funds.

  1. All members qualify for overdraft protection.
  2. Each time overdraft protection is used there is a transfer fee charged to the member's share account. Fee is disclosed on Rate and Fee Schedule.

Overdraft Line of Credit:

An Overdraft Line of Credit is a loan that is linked to a share draft account to cover transactions that would otherwise be returned for non-sufficient funds.

  1. Members (who have the legal capacity to enter into a binding contract) can apply for an Overdraft Line of Credit. Members are approved and declined based on credit score. The credit limit is based on a credit tier system if approved.
  2. No monthly fees are charged to have the Overdraft Line of Credit. Interest is charged on the amount used.
  3. A minimum monthly payment (if line is used) is the greater of $25.00 or 5% of the outstanding principle balance.
  4. Transactions that could result in use of Overdraft Line of Credit include, but not limited to share drafts, ACH, reoccurring Debit Card transactions, ATM and Debit Card one-time transactions.
  5. The Credit Union reserves its right to suspend or reduce overdraft lines of credit if member fails to make monthly payments and/or if member has a negative share balance exceeding 20 days. The Credit Union reserves its right to suspend or reduce overdraft lines of credit if there is a change in financial circumstances.

Basic Courtesy Pay:

Basic Courtesy Pay is the ability to have transactions paid, for a fee, which would otherwise be returned for non-sufficient funds. The Credit Union reserves its right to suspend, reduce or terminate Courtesy Pay at any time for any reason.

  1. All members who have a share draft account (excluding Fresh Start accounts and those under 18 years of age) that have had the account for a minimum of 30 days is automatically enrolled in this program.
  2. Each transaction paid using courtesy pay will incur a fee. The fee will be assessed to the share draft account. Fee is disclosed on Rate and Fee Schedule.
  3. Typical amount available to members is $500.00. Maximum permanent amount per member is $800.00.
  4. Courtesy Pay must be repaid within 5 business days. If courtesy pay is not paid within 5 business days the Credit Union reserves its right to start our collection process which includes but not limited to attempting to collect the amount from the member and if necessary the Credit Union may close the member’s accounts. An account may not exceed 45 days without bringing account to a zero balance and will be closed per the collection policy.
  5. The Credit Union may terminate this program for members who fail to pay any negative balances upon demand.
  6. Members have the ability to “Opt-out” of this program by notifying the Credit Union in writing.
  7. Transactions that could result in use of courtesy pay protection include but not limited to share drafts, ACH, Re-occurring Debit Card transactions. All Debit/ATM card transactions for business accounts.
  8. Members will receive notification when they incur a courtesy pay fee.

Courtesy Pay Plus:

Courtesy Pay Plus is a member requested add-on to our Basic Courtesy Pay Service that covers one-time Debit Card and ATM transactions. Opt In: Members must Opt In to Courtesy Pay Plus to have one-time Debit Card and ATM transactions preauthorize off of Courtesy Pay. Members will be charged a fee when Courtesy Pay is used. This service is regulated by Regulation E.

  1. ATM and Debit Card one-time transactions require members to affirmatively OPT IN.
  2. All members at the time of account opening will receive Opt-In Regulation E disclosures.
  3. Members can Opt In either by signing and returning the Opt-In Regulation E disclosure attachment, by calling the Credit Union, or signing disclosure in any branch. Members can also Opt-In at the time of account opening by signing the Opt-In Regulation E disclosure attachment.
  4. Members can Opt Out by mail, phone, Home banking e-mail or in person at any branch.
  5. Each sub-account must be Opted-In by the member.
  6. Once an account is Opted-In by a member a letter of confirmation will be sent to the member. This letter confirms the member Opted-In and states that the member can revoke his/her Op-In consent at any time. The letter will be automatically generated and mailed to the member.
  7. If a member does not Opt-In the account is automatically set to Opt Out of this service.
  8. Opt-In consent is effective until the member revokes his/her consent or the GVFCU terminates the service.
  9. GVFCU will implement the member’s revocation as soon as reasonably practicable.

A member MUST have Basic Courtesy Pay active on an account to Opt-In to Courtesy Pay Plus

Click Here for Fee Schedule

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