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General Electric Credit Union

Overdraft Solutions

Options for your peace of mind.

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

Overdraft Solutions
Overdraft Solutions at General Electric Credit Union

Protect Your Checking Account

We’ve all forgotten about an automatic payment or miscalculated our budget – that’s life! We understand you have a lot to juggle and if you inadvertently overdraw your checking account or worry you don't have enough money to cover an unexpected expense, we’ve got you covered with several overdraft solutions. 

Understanding Overdrafts

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 three 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.

Service Fee
Overdraft Protection Transfers: Simply Free, Choice, and Amplified High-Yield Checking accountholders can automatically transfer funds to their checking account from a GECU savings or money market account, for free.* $0 fee
Overdraft Line of Credit: Upon approval, this options helps prevent overdrafts by automatically transferring funds to your checking account from your line of credit.  $0 if the transfer is initiated in Online Banking or our mobile app in advance; otherwise, $2 per transfer (plus interest)
Courtesy Overdraft: This option covers transactions (checks, ACH, and Bill Pay) when you don't have sufficient funds in your account.  $32 overdraft fee per item 
 

Overdraft Protection Transfers

This completely free option links a GECU checking and savings account so in the event of an overdraft, funds will be automatically transferred from savings to cover the transaction.

Perks include:

  • Completely free for Simply Free Checking, Choice Checking, and Amplified High-Yield Checking accountholders.
  • Link multiple accounts, including an Overdraft Line of Credit, for added coverage.
  • Customize the order of the accounts to determine how overdrafts are handled (i.e. Savings account first, then, if needed, pull from a secondary account).

Overdraft Line of Credit

When you have an overdraft line of credit, your available line of credit will be considered at the time of any purchase or payment. If there are not enough funds in your account to cover the transaction, money will advance from the line of credit allowing your transaction to go through and not be declined or returned.

  • As this is a line of credit, you will need to apply for it. 
  • To avoid a $2 transfer fee, transfer money from the line of credit to a GECU checking account in advance through Online Banking and our mobile app; otherwise, a $2 fee will be charged each time a transfer from the line of credit occurs. 
  • There is an annual percentage rate (APR) charged on any outstanding balance.

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


Courtesy Overdraft

Our Courtesy Overdraft solution allows you to overdraw your account up to the disclosed limit for a fee on checks, bill pay items and recurring debit, preventing payments and purchases from being declined or returned. 

Perks include:

  • All checking accountholders are automatically enrolled in Courtesy Overdraft; however, to extend coverage to ATM and everyday debit card transactions, you must opt in (consent). 
  • Courtesy Overdraft is available as secondary coverage if other overdraft solutions are exhausted.
  • A $32 fee will be assessed for each overdraft.
Learn more

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:

 

*Overdraft Protection Transfer is only available to: Simply Free, Choice, and Amplified High-Yield Checking accountholders. Should there not be enough funds in your primary overdraft savings account, the switch to your secondary overdraft account will occur next business day.

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