Q: What are Overdrafts and Overdraft Fees?
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in three different ways:
1. We apply standard Courtesy Pay overdraft practices, at our discretion, under which we may allow your account to carry a temporary negative balance. If we cover an overdraft by applying our standard overdraft practices, we will charge a fee for each overdraft that drops your account balance below zero.
2. We offer overdraft protection plans, such as a line of credit or a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
3. We offer overdraft protection for everyday debit card transactions, under which we may authorize and pay overdrafts due to everyday debit card transactions.
Q: What are my choices to receive overdraft protection for everyday debit card transaction?
You have three options:
• Choose OPT IN to receive overdraft protection for everyday debit card transactions (an overdraft fee will apply).
• Do nothing to have us DECLINE any debit card purchases that exceed your balance.
• Or, choose to enroll for an overdraft line of credit, or Automatic Transfers from savings or other accounts to cover the overdraft (ask us for more information – may require a separate application for credit approval or linkage to your savings account).
Q: If I do nothing, what are the standard overdraft practices that come with my account?
We may authorize overdrafts, and charge a fee, for the following types of transactions with our Courtesy Pay service::
• Checks and other transactions made using your checking account number
• Automatic bill payments
We cannot authorize overdrafts and charge a fee for the following types of transactions (unless you ask us to by choosing OPT IN):
• Everyday debit card transactions
If you do not authorize us to pay an overdraft for everyday debit card transactions, your transaction will be declined at the time it is presented if the transaction exceeds your available balance.
Q: What fees will I be charged if Golden 1 Credit Union pays my overdraft?
Under our standard Courtesy Pay overdraft practices, we may authorize checks and transactions using your checking account number, and automatic bill payments:
• We will charge you a fee each time we pay an overdraft.
• There is no limit on the total fees we can charge you for overdrawing your account.
Q: What if I want Golden 1 Credit Union to authorize and pay overdrafts on my everyday debit card transactions?
If you want us to authorize overdrafts and charge a fee on everyday debit card transactions, you must either complete and submit the form, call us or stop in to see us.
Q: Are there other ways to have my overdrafts paid?
Yes! You can apply for our overdraft line of credit, which automatically advances a loan into your checking account if your balance falls below zero.
Or, if you prefer, you can link your savings account with us to your checking account, which will automatically transfer money into your checking account from savings in the event of an overdraft.
Ask us about these additional options. (Overdraft Protection may require application and credit approval. Linking your savings or other accounts for automatic transfers may require additional authorizations).
Q: What happens if I do nothing?
If you do nothing, we will decline everyday debit card transactions if they exceed the available balance in your account. You can change your mind, however, and OPT-IN at any time, which will allow us to charge a fee for authorizing and paying overdrafts on everyday debit card transactions.
Q: How can I Opt-In?
You can call us to authorize overdraft services, or fill out the form, which you can mail or drop off at a branch.
