Overdraft Privilege (ODP)
As a GTFCU member, we offer Overdraft Privilege (ODP) as a service on our checking account to help you avoid the embarrassment and hassle of returned items and additional fees charged by merchants. Overdraft Privilege applies to checks, debit card transactions and may apply to other withdrawal request.
What is ODP?
ODP is a product that will allow you to overdraw your account up to $600. Since ODP is not a loan, no interest is charged to your account. Of course, normal and all GTFCU fees and charges, including without limitation, the NSF/Overdraft fees, will be included in this balance. (See Fee Schedule). This feature is provided in addition to Overdraft Protection.
Conditions: It is always the policy of GTFCU to comply with applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards. There are conditions that apply to the ODP feature:
Members will automatically qualify for this Privilege unless:
- You are not in good standing with the Credit Union; or
- You are under 18 years of age; or
- You have not met the minimum deposit requirement of at least $300 every thirty (30) days; or
- You are delinquent on any loan obligation to the credit union; or
- You have a current outstanding balance in a Fresh Start Loan (Overdraft Repayment Plan); or
- You have derogatory history with the credit union, or any reported derogatory history at any financial institution; or
- You are currently a party in a bankruptcy proceeding; or
- You are subject to any legal or administrative orders or levy; or
- A freeze is being placed on your account or any items and the credit union is required by law to notify you. Your privilege will automatically be suspended without prior notice for as long as the hold is in effect.
If you qualify for ODP you are automatically added to the program. You must bring your account to a positive balance at least once every thirty (30) days to maintain your ODP in good standing. The account must remain positive for a full business day. If you are over your ODP limit, overdrafts will not be covered. After your ODP has been activated, we may suspend your privilege without notice, for any reason. If the negative balance of your checking account ODP exceeds $600 (fees are included in this balance) at any time, your ODP is immediately suspended. If your Over Draft Privilege is suspended for any reason, you may need to contact the credit union to have the privilege reinstated. If you plan to use this service, you are advised to contact the credit union to verify it is active on your account.
New accounts for new members will have the privilege of ODP after 30 days if you are eligible under the above conditions.
Service Agreement: Overdraft Privilege is a discretionary Overdraft Service. The program does not obligate the credit union to pay future overdrafts even if your account is in good standing and we have paid overdrafts for you in the past. We will notify you by mail after a non-sufficient funds item is paid or returned. You may “opt-out” of ODP at any time. You MUST submit your request in writing to any GTFCU branch to decline this service. The credit union must be given reasonable time to act upon your request.