Overdraft Protection
Overdraft Protection
Greenville Federal Credit Union understands that overdrawing an account can happen to the best of us at any time. To help address this, we offer overdraft protection options to members with checking accounts in good standing that can cover transactions when the available balance is insufficient. With life’s demands and hectic pace, it’s comforting to know that should you forget or miscalculate, your credit union covers your checking account with expanded overdraft protection.
Please refer to the Membership Agreement for definitions of overdraft conditions and the Fee Schedule for fees related to presentments which bring the account negative. The Membership Agreement can be viewed on the website at: https://www.greenvillefcu.com/news-resources/legal-information/membership-agreement-and-disclosure
The credit union offers several options for overdraft protection. You can use one, or any combination of the three:
- Link to your credit union Savings account
– As a first line of defense, link your savings account
to your checking account to ensure your transactions are covered in case
of an overdraft. Under Regulation D, you are allowed
to make up to six automatic or electronic transfers from your savings account
to your checking account each month to cover checking account transactions. If
a balance is not available in your savings account the overdraft protection
will not occur, and your purchase may be denied.
We recommend this as the primary overdraft protection option for checking accounts. There is no fee when funds from your Savings account are transferred to cover Checking account overdrafts. - Link to your credit union Overdraft Line of Credit - Your credit union Overdraft Line
of Credit (ODLOC) can be linked to your checking account to use as another form
of overdraft protection. You can use your ODLOC up to the credit limit to cover
transactions if you do not have funds in your checking account. You must apply and
be approved for an ODLOC. There is no fee when funds from your ODLOC are transferred
to cover checking account overdrafts, but interest on your ODLOC balance will
accrue at your standard interest rate. If a balance is not available on your ODLOC,
the overdraft protection will not occur, and your purchase may be denied.
- Courtesy Pay – Courtesy Pay is a non-contractual overdraft protection service that gives approved
account holders the ability to overdraw their Kasasa, Regular or Yield-Plus
Share Checking accounts up to $750.00. Courtesy Pay costs nothing unless the
privilege is used. The account is assessed a $37.50 fee for Courtesy Pay
transactions. Courtesy Pay automatically
covers checks, ACH and recurring transactions from your checking account, but you
must opt in to request Courtesy Pay coverage for your daily debit card and
ATM transactions.
Learn more about the Courtesy Pay service.
To set up your overdraft protection coverage,
call our Contact Center at 800-336-6309 or visit any branch location.
Tips to avoid overdrawing your account.
The most effective way to avoid overdraft fees is regularly monitor your
account balance and transactions. Being mindful of your current available balance will help
you avoid making purchases you can’t afford. Use these tools to monitor your
accounts:
- Log in to your account online or through the mobile banking app.
- Check your balance at any ATM
- Call PhoneBranch at 800.223.6361 for 24/7 account access using a touch-tone phone
- Set account alerts through Online/Mobile banking to receive low-balance notifications by text or email