Overdraft Protection
Life happens! MyGeorgia Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options
The choice is yours. Consider these ways to cover overdrafts:
| Service | Cost |
|---|---|
| Overdraft Protection Link to Another Deposit Account you have at MyGeorgia* | MyGeorgia* $5.00 fee per transfer. |
| Overdraft Protection Line of Credit* | Interest applies. |
| Overdraft Privilege | $32.00 overdraft fee per item. |
*Contact us at (770) 534-4255 or come by a branch to sign up or apply for these services. *Subject to credit approval.
Overdraft Protection services apply to all types of transactions and allow you to link other sources at MyGeorgia, such as another account or line of credit, to your checking account to pay an overdraft transaction for a fee or finance charge. Please note that overdraft lines of credit are subject to credit approval.
Overdraft Privilege allows you to overdraw your account for a fee in order to pay a transaction..
| Transactions Covered with Overdraft Privilege | Standard Coverage (No action required) | Extended Coverage (Your consent required) |
|---|---|---|
| Checks | X | X |
| ACH - Auto Debits | X | X |
| Recurring Debit Card Payments | X | X |
| Online Bill Pay Items | X | X |
| Internet Banking Transfers | X | X |
| Telephone Banking | X | X |
| Teller Window Transactions | X | X |
| ATM Withdrawals | X* |
*If you choose Extended Coverage, all the transaction types listed in Standard Coverage are included, along with ATM withdrawals and everyday debit card transactions. Simply complete and submit the form below for Extended Coverage.
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, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card 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 and pay an overdraft, your transaction will be declined.
What fees will I be charged if MyGeorgia Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $32 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want MyGeorgia Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions (Extended Coverage)?
If you also want us to authorize and pay overdrafts for which an Overdraft fee will be assessed on ATM and everyday debit card transactions, complete and submit the form below and a member service representative will contact you shortly.
