What are my overdraft coverage options?
If you’ve ever worried about not having enough money in your account for an unexpected expense or find yourself inadvertently overdrawing your checking account, we've got you covered with convenient options for overdraft coverage that make it possible for you to rest a little easier. Consider these ways to cover overdrafts:
Link to another Deposit Account
Savings Transfer services apply to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account.
- Automatically moves money from another deposit account to checking to pay for overdrafts, as long as funds are available
- Pays overdrafts at no charge1 per transfer
Overdraft Line of Credit
This personal line of credit tied to your GEICO FCU checking account offers you protection for emergencies and unexpected expenses2. This loan will save you money on returned check and overdraft charges in the event of an accidental overdraft.
- Automatic protection with no per-item overdraft fees
- Access cash when you need it for large or unexpected expenses
- Flexible repayment options
To apply for an Overdraft Line of Credit, download the Consumer Loan Application or log into Online Banking to apply online today.
Overdraft Privilege3 allows you to overdraw your account up to the disclosed limit for a fee on checks, bill pay items and recurring debits.
- A $28 fee will be assessed for each overdraft
- Total overdrafts cannot exceed your disclosed amount, including fees
- 32 days to bring the account back to positive status
- Does not require credit approval
GEICO FCU may provide you a $250 limit for eligible checking accounts at account opening. If your consumer account remains in good standing for 6 months, this limit may be increased up to $500. You will receive a letter informing you if the Overdraft Privilege limit has been increased on your account.
Even if you have overdraft coverage, such as a transfer from another account, Overdraft Privilege is still available as secondary coverage if the other overdraft sources are exhausted.
With Extended Coverage, this service is available to cover overdrafts caused by ATM and everyday debit card transactions in addition to check, bill pay items and recurring debits.
How to Give Consent for Extended Coverage
Use the options below if you’re interested in extending your Overdraft Privilege coverage to include ATM and everyday debit card transactions:
1In combination with other transfers, this free service is limited to 6 uses per month. Transfers in excess of 6 per month will be subject to a $5 transfer fee.
2Overdraft lines of credit are subject to credit approval.
3Accounts will be charged the standard Overdraft fee of $28 for handling each overdraft created by check, ACH, Point-of-Sale, ATM withdrawal, in-person withdrawal, or other electronic item that is paid and $28 for items returned. An overdrawn balance must be repaid within thirty-two (32) days. We may not pay items under your Overdraft Privilege if you do not maintain your account in good standing by bringing your account to a positive balance within every thirty-two (32) day period for a minimum of 24 hours, if you default on any loan or other obligation to GEICO Federal Credit Union or if your account is subject to any legal or administrative order or levy.