What is Overdraft Privilege?
We know that honest checking account mistakes happen. To help protect our members from merchant fees and the embarrassment of having a check returned or a debit card purchase overdraw your account, we offer the additional benefit of Overdraft Privilege. It is available to members in good standing whose checking account has been open for 30 days or longer.
2010 Legislation Requires Members to “Opt-in”
New legislation requires us to ask members to “opt in” for Overdraft Privilege on ATM transactions and everyday debit card transactions, even if you’ve already used this overdraft protection in the past. After August 15, 2010, we will not authorize and pay overdrafts for those following types of transactions unless you “Opt-in” and ask us to. To “Opt-in” for Overdraft Privilege, CLICK HERE.
Why “Opt-in” for Overdraft Privilege?
We do not authorize and pay overdrafts for your GPOFCU ATM or Visa check card transactions unless you have asked us to by “Opting-in” for Overdraft Privilege. For example, if you are at the grocery store and you try to buy $100 dollars worth of groceries with your GPOFCU Visa check card but you only have $92 (less than $100) in your account, one of two things will happen:
- If you have Overdraft Privilege the transaction will be approved and you will be charged our $25 overdraft fee for using your Overdraft Privilege.
- If you do NOT have Overdraft Privilege, and the funds are not available in either your checking account or any designated overdraft protection source (savings or line of credit), the transaction will be denied. GPOFCU does not pay for any fees you incur for a rejected payment.
What Does Overdraft Privilege Cost?
There is no cost for having this additional Overdraft Privilege available on your GPOFCU checking account. The only time a fee is incurred is when the Overdraft Privilege is actually used. If a check or checks are received by us we will honor the check(s) and overdraft your checking account for the amount of the check, plus our overdraft fee, up to a $500 limit. Overdrafted accounts must be brought to a positive balance within 30 days.
GPOFCU also offers other overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. Ask us about these plans at 202-512-1067.
Overdraft Privilege is one more benefit of having a GPOFCU Checking Account and Visa Check Card!
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