What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction. We may choose to pay it anyway. We can cover your overdrafts in two different ways:
Courtesy Pay Program
Auto Transfer Plans
: Such as a link to a savings account. This may be less expensive than our Courtesy Pay Program. To learn more, ask about these plans.
This notice explains our Courtesy Pay Program.
What is the Courtesy Pay Program?
We may authorize and pay overdrafts for the following types of transactions:
1. Checks and other transactions made using your checking account
2. Automatic bill payments
authorize and pay overdrafts for the following types of transactions unless you Opt-In (see below):
1. One time debit card transactions (non-recurring transactions)
2. ATM transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize your transaction, it will be declined.
What fees will Greater Kentucky Credit Union charge if I use the Courtesy Pay Program?
1. We will charge a fee of $35 each time you overdraw your account and we pay the overdraft.
2. Also, if your account is overdrawn, we will charge an additional $5.00 per day.
3. There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Greater Kentucky Credit Union to authorize and pay overdrafts on my one-time debit and ATM transactions?