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General Electric Credit Union

Overdraft Solutions

Life happens. We get it!

Protect your checking account from the busyness of life, with our overdraft solutions.

Overdraft Solutions
Overdraft Solutions at General Electric Credit Union

Understanding Overdrafts

We’ve all forgotten about an automatic payment or miscalculated our budget – that’s life! An overdraft occurs when a financial institution allows you to spend more money than you have available in your checking account, rather than declining a transaction. At General Electric Credit Union, we offer two overdraft solutions to ensure your debit card transactions and payments are covered so you can get on with your day, worry-free. 

Overdraft Solutions

Find the combination of coverage that works for you.

Solution: Available to: Fees:
Overdraft Protection Transfers Simply Free, Choice, and Amplified accountholders $0
Overdraft Line of Credit All checking accountholders $2 per transfer, plus interest

Free Overdraft Protection Transfers

Our Simply Free Checking, Choice Checking, and Amplified High-Yield Checking accountholders can enroll in Overdraft Protection Transfers. This completely free option links the checking account to a GECU savings or money market account (MMA) to automatically pull from in the event of an overdraft. Overdraft Protection Transfers is completely free for GECU members. Reg D will apply as transferring funds from a savings or money market account will count as one of six allowable monthly Reg D transactions.

Perks Include:

  • Completely free.
  • Link multiple accounts, including Overdraft Line of Credit (ODLOC), for added coverage.
  • Customize the order of the accounts to determine how overdrafts are handled (i.e. Savings account first, then, if Reg D limit is reached, pull from a secondary account, such as Thrive MMA or ODLOC to cover any potential overdrafts that occur thereafter).

Overdraft Line of Credit (ODLOC)

With an ODLOC, the available line of credit will be considered at the time of your transactions. If there are not enough funds in your account to cover the transaction and there is enough in the available balance of your ODLOC, it will allow the transaction to go through and not be declined or returned.

  • There are no fees to apply for an ODLOC; however, as it is a loan, you will need to apply for it.
  • There is a small fee of $2 each time a transfer from your ODLOC occurs; to avoid this fee, transfer funds in advance for free through Online Banking and our mobile app.
  • There is an annual percentage rate (APR) charged on any outstanding balance.

There are three ways to apply for an Overdraft Line of Credit:

How to Prevent Overdraft Fees

Ultimately, the best way to protect yourself from overdrafts and returned check fees is to know your balance and any upcoming automatic payments. We offer a variety of convenient options to check your balance before making a purchase:

Open An Account

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