Courtesy Overdraft

Courtesy Overdraft is a service we provide where we consider paying a transaction, even if you don't have enough money in your account. Some appreciate the added layer of protection and the ability to overdraft in some cases, to avoid having a debit card purchase declined at checkout or a check returned unpaid. Unlike a line of credit, Courtesy Overdraft is not a loan and you can access the funds up to the disclosed limit, for a fee. 

All personal GECU checking accountholders are automatically enrolled in standard coverage; however, you can opt in/consent to our extended coverage option, which authorizes GECU to pay ATM and everyday debit card transactions on your behalf. This way, your transactions do not get declined or returned. Business checking accounts are automatically enrolled in extended coverage for your convenience.  

Ready to get started? Use the options below if you’re interested in extending your coverage to include ATM and everyday debit card transactions:

• Complete our secure online consent form. 
• Log in to Online Banking to complete the consent form or send a Secure Email or Chat.
• Call us at: 513.243.4328 / 800.542.7093.
• Schedule an appointment to meet with a team member at a GECU location.

EXTENDED COVERAGE CONSENT FORM
 

*If you choose extended coverage, ATM withdrawals and debit card transactions will be included with the transactions listed under standard coverage (in the chart above). Business checking accounts are automatically enrolled in extended coverage.

You can easily discontinue the Courtesy Overdraft program in its entirety by contacting us at: 513.243.4328 / 800.542.7093.

We want to help you avoid 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.¹
• 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 CallConnect at: 513.243.3333 / 800.589.2875 to check your account balances even when we are closed.

• Overdraft Protection Transfers² or Overdraft Line of Credit may be less expensive options than an overdraft fee. Good account management is the best way to avoid overdrafts. A single larger overdraft will result in one fee, instead of multiple smaller overdrafts. Use our mobile app, Online Banking, and telephone banking services to keep track of your balance. 
• Recipients of federal or state benefits payments who do not wish us to deduct the amount overdrawn and the Overdraft Fees from funds that you deposit or that are deposited into your account may call us at 513.204.4865/800.542.7093 ext. 4865 to discontinue Courtesy Overdraft.
• There is a limit of five (5) Courtesy Overdraft fees per day on the total fees we can charge you for overdrawing your account.
• The $32 Overdraft Fee that is charged if you overdraw your account is the same fee that is charged if an item is returned as unpaid. If multiple items overdraw your account on the same day, each item presented* will be assessed an Overdraft Fee or a Return Item Fee of $32.³ All fees and charges will be included as part of the Courtesy Overdraft limit amount. Your account may become overdrawn more than the Courtesy Overdraft limit amount because of a fee.
• If an item is returned because the Available Balance (as defined below) in your account is not sufficient to cover the item and the item is presented for payment again, GECU (“We”) will charge a Return Item Fee each time we return the item because it exceeds the Available Balance in your account. Because we may charge a Return Item Fee each time an item is presented, we may charge you more than one fee for any given item as a result of a returned item and re-presentment of the item. When we charge a Return Item Fee, the charge reduces the Available Balance in your account and may put your account into (or further into) overdraft. If, on re-presentment of the item, the Available Balance in your account is sufficient to cover the item we may pay the item, and, if payment causes an overdraft, charge an Overdraft Fee. We may use the terms “item” and “transaction” interchangeably.
• This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM/ITM, ACH and debit card transactions are posted in the order in which the items are received, while paper checks are posted in check number order; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
• Courtesy Overdraft is not a line of credit; it is a discretionary overdraft service that can be withdrawn any time without prior notice. 
• Depositor and each Authorized Signatory will continue to be liable, jointly, and severally, for all overdraft and fee amounts, as described in the Deposit Account Disclosures. The total (negative) balance, including all fees and charges, is due and payable upon demand.
• We may be obligated to pay some debit card transactions that are not authorized through the payment system but which we are required to pay due to the payment system rules, and as a result you may incur fees if such transactions overdraw your account. However, we will not authorize debit card or ATM/ITM transactions unless your account’s Available Balance (including Overdraft Solution Options) is sufficient to cover the transactions and any fee(s). 
• Giving us your consent to pay everyday debit card and ATM/ITM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Fee. However, this would allow us to authorize transactions up to the amount of your Courtesy Overdraft limit. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.

Understanding your Available Balance: Your account has two kinds of balances: the Ledger Balance and the Available Balance 

• We authorize and pay transactions using the Available Balance. 
• Your Ledger Balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account. It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending.
• Your Available Balance is the amount available to you to use for purchases, withdrawals, or to cover transactions. The Available Balance is your Ledger Balance, less any holds due to pending debit card transactions and holds on deposited funds.
• The balance used for authorizing checks, ACH items, and recurring debit card transactions is your Available Balance plus the amount of the Courtesy Overdraft limit and any available Overdraft Solutions.
• The balance used for authorizing ATM/ITM and everyday debit card transactions on accounts with Standard Coverage is your Available Balance plus any available Overdraft Solutions but does NOT include the Courtesy Overdraft limit.
• The balance used for authorizing ATM/ITM and everyday debit card transactions on accounts with Extended Coverage is your Available Balance plus any available Overdraft Solutions and includes the Courtesy Overdraft limit.
• Because your Available Balance reflects pending transactions and debit holds, your balance may appear to cover a transaction but later upon settlement it may not be sufficient to cover such transaction. In such cases, the transaction may further overdraw your account and be subject to additional overdraft fees. You should assume that any item which would overdraw your account based on your Available Balance may create an overdraft. Note that we may place a hold on deposited funds in accordance with our Deposit Account Agreement and Disclosure, which will reduce the amount in your Available Balance. Be aware that the Courtesy Overdraft amount is not included in your Available Balance provided through: Online Banking, our mobile app, or at GECU ATMs/ITMs.
• We will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the Available Balance in your account. If your account is overdrawn after the held funds are added to the Available Balance and the transaction is posted to the Available Balance, an Overdraft Fee may be assessed.
• Except as described herein, we will not pay items if the Available Balance in your account (including overdraft solutions and the Courtesy Overdraft limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).

Understanding Overdraft Privilege Limits

• New member accounts will receive a $100 introductory Courtesy Overdraft limit at account opening that will be increased to $500 after 30 days in good standing and a $250 introductory Courtesy Overdraft limit for business accounts that will be increased to $750 after 30 days in good standing. 
• Courtesy Overdraft may be suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Courtesy Overdraft limit reinstated.

If you have any questions about our overdraft solutions or Courtesy Overdraft, please call us at: 513.204.4865/800.542.7093 ext. 4865 or visit a GECU location.

General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.