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.
Find the combination of coverage that works for you.
|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.
- 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:
- Apply online.
- Contact our Phone Loan Center at: 513.243.5626/888.670.5626.
- Meet with a team member at a branch location.
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:
- Manage your account through Online Banking and our top-rated mobile app.
- Sign up for account alerts so you always have an up-to-date understanding of your account.
- Use Debit Card Controls to control spending and monitor activity.
- Check your balance at any GECU ATM/ITM.
- Call Sourceline at: 513.243.3333/800.589.2875 to check your account balances even when we are closed.
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