Overdraft Coverage Options

Life happens!

Government Printing Office FCU understands that unexpected checking account overdrafts occur from time to time. To help protect you from merchant fees and the embarrassment of having a check returned or a debit card purchase overdraw your account‚ we offer these Overdraft Coverage Options¹:

¹ Contact us at info@gpofcu.org or call 202-512-1067 to apply for these services.

Overdraft Privilege/Courtesy Pay

Even if you have Overdraft Protection, our Overdraft Privilege/Courtesy Pay is still available as a secondary coverage if the other protection source is exhausted. Overdraft Privilege/Courtesy Pay covers up to $100 in overdrafts on accounts open after 90 days, for accounts in good standing, the limit may automatically increase to $300 or $500 depending on amount of direct deposit.

Please review the “What Else You Should Know” section at the bottom of this page for other important information.

If you would like to select Extended Coverage for future transactions, complete the consent form by clicking the button below. Present it at a branch, scan/email it to:  info@gpofcu.org, or mail it to: GPOFCU, P.O. Box 77119, Washington, DC 20013.

* If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. You can discontinue the Overdraft Privilege/Courtesy Pay in its entirety at any time by contacting us at info@gpofcu.org or 202-512-1067.

What Else You Should Know

• Good account management is the best way to avoid overdrafts. Use our online and mobile banking, and telephone banking services to keep track of your balance. A link to another account or a line of credit is a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. There is no limit to the toal overdraft fees per day we may charge.

• Even if you have Overdraft Protection, Overdraft Privilege/Courtesy Pay is still available as secondary coverage if the other protection source is exhausted.

• The $35.00 Overdraft Privilege/Courtesy Pay Fee is the same fee amount that would be charged if a check was returned as unpaid. If multiple items would overdraw your account on the same day, each item would be assessed an appropriate Overdraft Fee or a Return Fee of $35.00. All fees and charges will be included as part of the Overdraft Privilege/Courtesy Pay limit amount. Your account may become overdrawn in excess of the Overdraft Privilege/Courtesy Pay limit amount as a result of a fee.

• If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, GPOFCU will charge a Return Item Charge each time it returns the item because it exceeds the available balance in your account. If, on re-presentment of the item, the available balance in your account is sufficient to cover the item GPOFCU may pay the item, and, if payment causes an overdraft, charge an Overdraft Charge.

• This describes the posting order for purposes of determining overdrafts: Our general policy is to post items throughout the day and to post credits before debits. ATM withdrawals and POS/Debit Card transactions are posted throughout the day in the order received. ACH transactions are posted as received in the file. Paper checks are posted as received in the file; 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 Returned Item Fees assessed.

• Although under payment system rules, GPOFCU may be obligated to pay some unauthorized debit card transactions, GPOFCU will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).

• Giving us your consent to pay everyday debit card and ATM overdrafts 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 Overdraft Privilege/Courtesy Pay limit and may also help you avoid overdrafts in excess of your available funds that could result in restriction of your debit card. If you consent to Extended Coverage, it will remain on your account until withdrawn.

• GPOFCU authorizes and pays transactions using the available balance in your account. GPOFCU 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. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.

• Except as described herein, GPOFCU will not pay items if your account does not contain available funds (including the Overdraft Privilege/Courtesy Pay limit) to cover the item(s) and the amount of any fee(s).

• We may restrict your debit card use if you incur overdrafts in excess of the available funds in your account, including any Overdraft Privilege/Courtesy Pay limit.

• GPOFCU 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.

• Overdraft Privilege/Courtesy Pay is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.

• Overdraft Privilege/Courtesy Pay may be discontinued 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 thirty (30) days for a minimum of one business day.

• 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 and Disclosure Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.
  
  If you have any questions about Overdraft Protection or Overdraft Privilege/Courtesy Pay, please contact us at info@gpofcu.org or (202) 512-1067.