How many times have you gone on vacation only for something as pesky as a checking account overdraft to come along and derail your trip? Luckily, there are a handful of overdraft solutions available to help you avoid this headache all together. Learn more about the options offered to you as a General Electric Credit Union (GECU) member, and why having one in place is crucial to your rest and relaxation.
Embrace the safety net
Vacation is highly anticipated and something you’ve saved money toward for a long time. When those months or even years of hard work land you in the big city or on a sandy beach, you’re ready to sit back, relax, and enjoy yourself. This may mean unplugging from your devices and social media, reducing how often you look at your checking account balance as a result.
This can be a problem because you may not spend the same on vacation as you would at home. For example, while some vacation rentals have a kitchen, you may not want to spend your trip cooking. Or, you may not have a kitchen available to you and have no choice but to eat out for every meal. While it’s important to budget for this influx in spending, an overdraft solution can also protect your financial well-being if you go overboard living life to its fullest.
Choose your match
1. Overdraft Protection Transfers1
With Overdraft Protection Transfers, we’ll automatically transfer funds to your checking account from a GECU savings or money market account to cover the overdraft. This option is offered free of charge and with no associated fees.
2. Overdraft Line of Credit
Unlike Overdraft Protection Transfers, which pull from your existing funds to cover an “oops” moment, this option pulls from a line of credit. You simply have to pay back the amount you borrow plus interest by a certain date. This option is available on approval and won’t cost you a penny if initiated in advance through Online Banking or our mobile app.2
3. Courtesy overdraft
Unlike a line of credit, Courtesy Overdraft is not a loan. You can access funds up to a disclosed limit for a fee. This supplies secondary coverage if other overdraft solutions are exhausted.
While all personal GECU checking accountholders are automatically enrolled in standard coverage, you can extend that coverage. Doing so authorizes GECU to pay ATM and everyday debit card transactions on your behalf. On vacation, having cash on hand for tips and cash-only enterprises may lead you to using ATMs more frequently. Because of this, extended coverage may be beneficial. This way, your transactions don’t get declined or returned – and you don’t have to pause the fun!
Overdrafts don’t just happen while attempting buying an overpriced coconut drink on the beach. Sometimes, you may just be filling up your tank on the way to work. No matter where you are, overdraft solutions are the safety net you need. Visit GECU online to learn more about the overdraft solutions available to you. Or, contact us through Secure Chat in Online Banking or our mobile app for assistance picking the right solution for you.