Checking Accounts
Sign up to keep your full Overdraft Privilege Pay coverage today!
You never know when you'll need it!
New governmental regulations, effective July 1, 2010, require your approval to continue using our overdraft protection service, 'Overdraft Privilege Pay,' for debit card transactions.
A debit card overdraft occurs when you do not have enough money in your account to cover a Debit Card transaction, but GenFed pays it anyway. GenFed will first transfer money from your savings account or a pre-established line of credit loan, if you've elected either option, to pay the item. If those options don't cover the overdraft, GenFed may elect to pay for the transaction using Overdraft Privilege Pay, up to your limit, once you've signed up for the program.
With Overdraft Privilege Pay for debit card transactions you get:
- CREDIT HISTORY/REPUTATION PROTECTION - Because your debit card overdrafts will be covered, any payments will still be made and you won't have your account closed or be placed on any watch lists.
- NO MONTHLY FEES - Only pay for it if you use it! Much like insurance, it's there if you need it.
- PEACE OF MIND - Your card won’t be declined at the register or ATM for insufficient funds as long as your transaction is within your limit. Plus, you have up to 30 days to repay any overdrafts and still be considered in 'good standing' with GenFed!
- THE OPTION TO CHANGE YOUR MIND - if you opt in today, you'll retain the option to discontinue this privilege at any time by notifying us.
Signing up for the program allows you to use GenFed's complete overdraft protection package, covering all types of transactions including debit card, checks and electronic transactions.
Call your local branch to continue protecting yourself!
Checking is not only *FREE* at GenFed, it’s EASY!
- Get your first order of premium checks for $10.63 when you open a new GenFed checking account.
- There are no monthly fees, no per-check charges, and no per-transaction charges!
- Make withdrawals and deposits whenever you like.
- Write as many checks as necessary.
- GenFed's *FREE* Checking account also comes with online access to HomeBanking, our online banking service and GenFed's FREE online Bill Payer. Click the 'Online Bill Pay Demo' button in the bottom right corner of our homepage for more information and to view a demo of this service.
- Also, get GenFed's Debit Card! Use the Debit Card at any merchant that accepts MasterCard, and the funds are deducted out of your checking account. Compare that with your current checking account charges!
Dividend Checking
If you want to earn dividends on your checking account funds, we have an alternative for you: GenFed’s Dividend Checking Account. Earn dividends on all of your checking account funds. Minimum balance applies.
New Start Checking
We understand mistakes happen and believe everyone deserves a second chance. Many institutions will not open a checking account as long as you have an open record on ChexSystem. To better serve our members/owners, GenFed offers a New Start checking account. This account offers Debit Card and check access, 24-hour internet access, and Bill Payer options for all your electronic conveniences. PLUS, after one year of activity with no negative history or once your Chex System account has been paid in full, you can switch to either our free checking or dividend checking product. Contact your local branch for more information.
Business Checking
Enjoy all the benefits of a regular GenFed Checking account for your business. $5 monthly fee for members that aren't Platinum Co-op Advantage status.
Want to open your own GenFed Checking Account? Contact your local branch to set up an account today. Click here for an easy form to help with that! Don't forget to change your direct deposit and payroll deductions to your GenFed account!
Overdraft Privilege Pay
When you're busy it's easy to lose track of your checking account balance. GenFed's Privilege Pay program can benefit you in these ways:
- No embarrassment from returned checks
- Avoid service or membership cancellations
- No additional fee charged by merchants for returned checks
- No hassle if you don't have the funds in your account, if for instance you forget to deposit your paycheck.
If you qualify, GenFed will cover your check, up to a certain amount, if for some reason your account is overdrawn. This service kicks in after you use your standard overdraft protection from savings or your overdraft loan. You'll pay a fee, but it will be a lot less than the fees you would have accumulated without this protection.
For more information about GenFed's Privilege Pay program give us a call.
GenFed's Routing and Transit Number:
(2412-7326-9)
'I love my GenFed branch. Would not go anywhere else.'
- Dora A, Mt. Vernon branch
