With as busy as life gets sometimes, it’s no surprise that accidents happen once in a while when it comes to keeping track of how much you have available in your checking account. To help you avoid the embarrassment and expense of an overdrawn check, we offer overdraft protection options for your GenFed checking account.

We also recommend using our free online and mobile banking services with eAlerts to help you keep track of your money 24/7!

Overdraft Privilege Pay

Overdraft Privilege Pay is an automatic service that covers overdrawn checks and ACH items for GenFed members who are:

  • 18 years of age or older,
  • have no past due loan(s) over 10 days,
  • have no charged off loan(s) or loss to the credit union,
  • and have no prior or current collection activity.

Instead of you having to worry about your payment getting returned, we’ll automatically take care of it for you in most circumstances!* There’s a $30 fee for each item we cover, and you have 30 days to repay the overdrawn funds.

If you’d like us to cover your ATM and debit transactions as well, let us know and we can set that up for you.

Overdraft protection transfer (as described below) will apply first and Overdraft Privilege Pay will be used as a backup unless you designated differently.

Overdraft Protection Transfer

You can protect your checking account from accidental overdraft by setting up automatic funds transfer from your GenFed savings account or line of credit. If you choose to set this up, it will be used before Overdraft Protection Privilege Pay.

If your checking account becomes overdrawn, money will be transferred from your designated savings account or line of credit.

  • $3 fee per use for automatic transfers
  • No fee if you transfer the money from the line of credit yourself prior to overdraft
  • Automatic line of credit transfers occur in $100 increments
  • No monthly fees

When you open a checking account with us, your GenFed savings account will automatically be linked for overdraft protection transfer.

If you open a line of credit with GenFed, we can assist you in setting your line of credit up as overdraft protection.

*Not guaranteed.